U.S. firms in Nigeria generate N2.6tr

United States’ companies operating in Nigeria generated revenue worth more than N2.6 trillion in 2017, a survey conducted by the American Business Council, in collaboration with Accenture, KPMG, PwC and the U.S. embassy has revealed. The revenue generated during the period was higher with about N1.6 trillion, when compared to the amount the companies generated in 2016, representing about 160 per cent increase. 

The Vice President of the American Business Council and Senior Partner, PwC, Darell McGraw, disclosed this to journalists during the 2018 U.S. Economic Impact Survey launch in Lagos, last weekend. 

He said the survey, which reflects the contribution of 74 U.S. companies operating in Nigeria and their responses, reinforce the role the country plays in the economic health of the nation in the areas of job creation, investments in training and development, tax contribution and corporate social responsibility, among others. Notwithstanding the harsh economic environment, the Foreign Direct Investment (FDI) inflow by U.S. into Nigeria during the period stood at $1billion, with the creation of about 11,200 indirect jobs and over 9000 full time jobs, thus, representing a 72 per cent and 70 per cent growth respectively from 2016. While 52 per cent of the companies identified Nigeria as a regional hub for their operations in West Africa, others said that if specific industry regulatory and business environment challenges are addressed, most companies would be inclined to consider the country for their business operations.


(Guardian)