•Power Africa investments in electricity hit N3.3tr
THE United States of America imported $26.6 billion (N4.2 trillion) from Nigeria and other African Growth Opportunity Act (AGOA) beneficiaries in 2013.
Besides, the U.S government, under the Power Africa initiative is providing technical assistance to the Federal Government as it privatises electricity industry, an effort that could add 2,000 megawatts over the next five years.
Already, the U.S. Government has committed $7 billion (N1.1 trillion) toward Power Africa, and has secured additional commitments totaling $14 billion (N2.2 trillion) from 35 private-sector partners.
The U.S Secretary of Commerce, Penny Pritzker, who made this disclosure while speaking to a group of business leaders in Lagos yesterday, stated the United States is the largest source of foreign direct investment in Nigeria, with a total stock valued at $8.2 billion in 2012.
He assured of President Obama’s commitment to deepening the relationship between America and all the nations of Africa, and developing a new level of mutual understanding and respect based on a shared commitment to freedom, democracy, social progress and economic growth.
Pritzker said: “In Nigeria in particular, the opportunities are abundant. You are home to the largest economy in Africa, and one in five people on the Continent are Nigerian. Not only do our governments stand together as partners and friends, but our companies – as evidenced by this trade mission – are eager to forge stronger partnerships in Nigeria”.
He disclosed that the U.S government is pushing for the seamless renewal of the AGOA, of which Nigeria is the top beneficiary. “As many of you know, AGOA allows 6,400 products from eligible Sub-Saharan African countries to enter the U.S. duty free. For 2013, U.S. imports under AGOA totaled $26.8 billion. Going forward, our hope is that Nigeria will take advantage of AGOA to diversify its economy, fulfilling the vision of the legislation. In fact, AGOA is a key topic that I will discuss in Ethiopia later this week with members of the African Union”.
She added that the U.S Commerce Department itself is dedicating more human resources to Africa.
According to her, Nigeria is already home to one the U.S largest commercial service teams on the Continent. “These dynamic individuals work every day to help American companies find new partners and customers here. And I am pleased to say we just announced that we are increasing our footprint across Africa. We intend to expand our commercial service in Ghana, Kenya, Morocco, and Libya. And for the first time ever – we will open offices in Angola, Tanzania, Ethiopia, and Mozambique.
“A third measure that will benefit Africa is an opportunity that will grow entrepreneurship on the continent – the Presidential Ambassadors for Global Entrepreneurship.
“Here in Nigeria, where youth unemployment is roughly 40 percent, we want to support innovators as they launch new startups and create jobs. This is crucial for long-term stability and economic growth. The Presidential Ambassadors for Global Entrepreneurship, or PAGE, is a group, one chair of 11 well-known and very successful U.S. entrepreneurs who have committed their time, networks, advice and ideas to advancing entrepreneurship all over the world. Africa will be an ongoing focus for this high-profile group”.
She added that as part of efforts to deepen commercial relationships between the United States and African markets, she will convene a U.S.-Africa Business Forum on the first day of the upcoming Africa Leaders Summit in August in Washington, DC.
Pritzker is in Africa this week leading 20 American companies on an Energy Business Development trade mission to Ghana and Nigeria. The goal of the mission is to promote U.S. exports and expand U.S. companies’ presence in Africa by helping American firms launch or increase their business in the energy sector. The firms joining the mission have the expertise to help African countries develop and manage energy resources and systems, as well as build out power generation, transmission, and distribution.
THE United States of America imported $26.6 billion (N4.2 trillion) from Nigeria and other African Growth Opportunity Act (AGOA) beneficiaries in 2013.
Besides, the U.S government, under the Power Africa initiative is providing technical assistance to the Federal Government as it privatises electricity industry, an effort that could add 2,000 megawatts over the next five years.
Already, the U.S. Government has committed $7 billion (N1.1 trillion) toward Power Africa, and has secured additional commitments totaling $14 billion (N2.2 trillion) from 35 private-sector partners.
The U.S Secretary of Commerce, Penny Pritzker, who made this disclosure while speaking to a group of business leaders in Lagos yesterday, stated the United States is the largest source of foreign direct investment in Nigeria, with a total stock valued at $8.2 billion in 2012.
He assured of President Obama’s commitment to deepening the relationship between America and all the nations of Africa, and developing a new level of mutual understanding and respect based on a shared commitment to freedom, democracy, social progress and economic growth.
Pritzker said: “In Nigeria in particular, the opportunities are abundant. You are home to the largest economy in Africa, and one in five people on the Continent are Nigerian. Not only do our governments stand together as partners and friends, but our companies – as evidenced by this trade mission – are eager to forge stronger partnerships in Nigeria”.
He disclosed that the U.S government is pushing for the seamless renewal of the AGOA, of which Nigeria is the top beneficiary. “As many of you know, AGOA allows 6,400 products from eligible Sub-Saharan African countries to enter the U.S. duty free. For 2013, U.S. imports under AGOA totaled $26.8 billion. Going forward, our hope is that Nigeria will take advantage of AGOA to diversify its economy, fulfilling the vision of the legislation. In fact, AGOA is a key topic that I will discuss in Ethiopia later this week with members of the African Union”.
She added that the U.S Commerce Department itself is dedicating more human resources to Africa.
According to her, Nigeria is already home to one the U.S largest commercial service teams on the Continent. “These dynamic individuals work every day to help American companies find new partners and customers here. And I am pleased to say we just announced that we are increasing our footprint across Africa. We intend to expand our commercial service in Ghana, Kenya, Morocco, and Libya. And for the first time ever – we will open offices in Angola, Tanzania, Ethiopia, and Mozambique.
“A third measure that will benefit Africa is an opportunity that will grow entrepreneurship on the continent – the Presidential Ambassadors for Global Entrepreneurship.
“Here in Nigeria, where youth unemployment is roughly 40 percent, we want to support innovators as they launch new startups and create jobs. This is crucial for long-term stability and economic growth. The Presidential Ambassadors for Global Entrepreneurship, or PAGE, is a group, one chair of 11 well-known and very successful U.S. entrepreneurs who have committed their time, networks, advice and ideas to advancing entrepreneurship all over the world. Africa will be an ongoing focus for this high-profile group”.
She added that as part of efforts to deepen commercial relationships between the United States and African markets, she will convene a U.S.-Africa Business Forum on the first day of the upcoming Africa Leaders Summit in August in Washington, DC.
Pritzker is in Africa this week leading 20 American companies on an Energy Business Development trade mission to Ghana and Nigeria. The goal of the mission is to promote U.S. exports and expand U.S. companies’ presence in Africa by helping American firms launch or increase their business in the energy sector. The firms joining the mission have the expertise to help African countries develop and manage energy resources and systems, as well as build out power generation, transmission, and distribution.