Nigeria, in 2016, generated over N1 trillion from American businesses operating in the country, in spite of the economic recession.
This was revealed on Tuesday in Lagos by the American Business Council (ABC) at the launch of its first annual economic survey of the impact of US companies in Nigeria.
Data for the report was derived from responses by 48 American companies operating in Nigeria, with many of them seeking government’s intervention in the areas of foreign currency access and policy, crime and security, among others.
President of the council, Mr Lazarus Angbazo, who is also the Chief Executive GE Business Operations Nigeria, stated that from the above amount, about N34.4 billion was paid as tax to the Nigerian government in 2016.
He said further that over N340 million was spent on training as well as over N217 million on corporate social responsibility activities across the country.
However, he stressed that US-owned companies in Nigeria are willing to deepen their investment in the country especially if the operating environment becomes more favourable.
Mr Angbazo described the US as a “natural partner for Nigeria, having a long standing commitment to Nigeria, Business Post reports.
“There is a natural affinity between Nigerians and Americans and the longevity of American business community in Nigeria as exemplified by the number of the brands that have come.
“Some American companies have been in existence since Nigeria independence and have partnered and invested in Nigeria.
“We look forward towards deepening the relationship, ABC has particularly focused on making Nigeria the best investment destination in Africa for American companies. I think we are in various sectors like oil and gas, food, agriculture, medicine, healthcare, transportation and so on,” he said.