US companies plan $2.37bn investments in Nigeria

United States companies in Nigeria plan to invest over $2.37bn in Nigeria in the next three years, according to a new report.

The 2020 Nigeria Economic Impact Survey, which was by the American Business Council in collaboration with the United States Embassy, Verraki, KPMG and PwC, disclosed this on Thursday.

The survey analyses the economic effect of US companies on the Nigerian economy and measures the changes in business revenue, foreign investment, job creation, gross value added and plans for expansion.

The data and analysis in the report are based on the responses of 45 US companies operating in Nigeria who completed the survey.

The report said US companies in Nigeria created over 30,000 indirect jobs in 2019, a drop from three million in 2018, and over 13,100 direct jobs, compared to 18,000 in 2018.

It said the companies generate N1.08tn in revenue in 2019, a decrease from N1.47tn the previous year.

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