The United States government has unveiled a new trade policy to increase American corporate investment in Nigeria and other African countries.
This is coming as concerns grow in the West over China’s increasing influence in Africa. Beijing has been the largest trading partner for Africa for nine consecutive years.
In the first half of 2018, China-Africa trade volume exceeded $98.8bn, according to the country’s ministry of commerce.
The US Assistant Secretary of State for African Affairs, Mr Tibor Nagy, said President Donald Trump has signed a legislation that will provide $60 billion capital to fund investment in developing countries.
The Better Utilization of Investments Leading to Development (BUILD) Act establishes an International Financial Development Institution, which seeks to support private investment in development projects in emerging countries.
Speaking during a media chat in Abuja, Mr Nagy said the new funding was to support bankable projects in Africa.
Ambassador Nagy explained that the fund would be made available in the next fiscal year.
He said due to its huge potentials and human capital, Nigeria would benefit more from the fund to create jobs for its teeming youth.
According to him, U.S-Africa partnership was more evident in Nigeria because of the size of its population and economy.
He said U.S would deepen the partnership as Nigeria’s population becomes the third-largest in the world by 2050.
“As I focus my attention on increasing trade with and U.S investment on the continent, Nigeria will be at the centre of this effort.
“Nigeria is the United States’ second-largest trading partner in Africa, with over $9 billion in two-way goods trade in 2017,” Mr Nagy said.
U.S investment in Nigeria stood at $5.8 billion in 2017, he added.
Ambassador Nagy, who had served as Deputy Chief of Mission in Nigeria, hailed the federal government’s effort to develop more predictable economic policies and a more transparent justice system.
He, however, said greater international investment will only come with continued reforms.
He said the United States promotes stronger trade and business ties between Africa and America but stressed that for the continent to attract more businesses, there is need for African governments to increase transparency and fairness in their respective commercial environments.
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