What Nigeria must do to attract US firms – Envoy

Consul General of the United States of America, John Bray

 

To attract more American companies to invest in Nigeria, the Federal Government needs to address challenges around access to foreign exchange, inconsistency in tax policies and unpredictable energy cost, the Consul-General, United States Consulate, Lagos, Mr. John Bray, has said.

Other issues that must be addressed, according to him, include security concerns over personnel and business, and lack of transparency on the part of the government.

Bray stated these during the March 2017 edition of the Nigerian-American Business Dialogue organised by the Nigerian-American Chamber of Commerce in Lagos on Tuesday.

The theme of the event was: ‘Improving the Ease of Doing Business in Nigeria’.

Bray said, “If these concerns are not addressed, they (American companies) will not put their money in Nigeria to create the jobs Nigeria badly needs.

“Nigeria has the capacity and resources to fix the challenges I have listed; surely it will not be easy, but we will do it.”

The consul-general lauded the Federal Government’s Economic Recovery and Growth Plan but noted that like any other, the success would be determined by implementation and partnership.

He assured participants that the US would be Nigeria’s biggest partner and would assist with relevant ideas and training to achieve a better business environment.

“The US is willing to support Nigeria to improve the Nigerian market. We have seen the Africa Growth and Opportunity Act. There are many more initiatives on the way. We will assist to help grow prosperity in Nigeria,” Bray added.

Earlier in his opening address, the President, NACC, Chief Olabintan Famutimi, said the theme of the event was selected as part of the chamber’s contribution to improving the country’s business climate.

According to him, it is unsatisfactory that Nigeria is ranked 169 out of 190 in the World Bank’s Ease of Doing Business Index, which focuses on five main areas of accessibility and transparency, security, payment delays, incentive for Small and Medium Enterprises and complaints mechanism.

Government after government have not been able to deal decisively with this poor reputation,” Famutimi said.

The President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, who was the keynote speaker, emphasised the need for attitudinal change in the public sector.

According to him, there is a need for a paradigm shift in the manner government officials engage in service delivery, adding that Nigeria could be ranked along other countries like New Zealand and Singapore on the World Bank Ease of Doing Business Index.