U.S. FDI inflow to Nigeria has increased, says Consul-General

FG, World Bank to expand credit support funds to uplift youths

The United States (U.S.) Embassy and Consulate in Nigeria has said that there has been a seven per cent increase in American foreign direct investment to Nigeria.

The Consul-General, Will Stevens, who spoke, at the weekend, during the 2024 Women Enterprise Day, organised by the Enterprise Development Centre of Pan-Atlantic University, Lagos, said: “We have focused on growing the U.S. trade and investment in Nigeria and it seems to be working in the last one year.” He eulogised female entrepreneurs in Nigeria for creating enterprises that have created a global economic value for the country.

Also, Managing Director/Chief Executive Officer of Providus Bank, Walter Akpani, expressed gratitude to the American embassy, MTN Foundation and other partners for the support they have given not just to women entrepreneurs but supporting Nigeria in general and other businesses.

MEANWHILE, the Federal Government has promised to collaborate with the World Bank to expand Nigeria’s credit support funds by $50 million to reach more young people, including businesses led by women, people with disabilities, as well as young rural dwellers.

Minister of Youth Development, Ayodele Olawande, disclosed this when he hosted the World Bank team led by a World Bank Economist, Maheshwor Shrestha, in Abuja.

He further said that the partnership would provide decent jobs directly or indirectly to no fewer than 10 million youths within the next five years.Olawande said that the forum would enable him to update the team on the various activities and engagements of the ministry in the past months. Earlier in his presentation, Shrestha said that no fewer than 60 million youths in Nigeria are underage at the moment.