Abuja companies eye $2bn annually from US investments

The Abuja Chamber of Commerce and Industry has entered into partnership with Invest In The United States of America, a US trade programme, to promote the investments of prospective Nigerian investors in the US and grow the repatriation of foreign exchange to Nigeria.

At a press conference in Abuja, the Director-General, ACCI, Victoria Akai, told journalists that the target was to see that prospective Nigerian investors in the US repatriate about $2bn annually to Nigeria through the initiative.

She said IIUSA in partnership with ACCI would also organise an information series in October 2022 on how to secure US citizenship by investment, in an upcoming event tagged, “The EB-5 Passport Series: Pathway to US Permanent Residency,” as this was another way of growing the country’s foreign exchange earnings,

Commenting on the investment opportunities, Akai said, “We are already commencing the programme in October this year. Nigerians are being asked to come and invest in the United States, just like other countries come to invest in Nigeria.

“So Nigerians are to invest there, make money, employ their citizens as well, which is the part that we might not be able to benefit from, but whatever funds or profit we make in the US we are allowed to repatriate it to Nigeria.

“We are going to be able to increase our nation’s foreign exchange earnings though this. You know about diaspora funds, for instance, though not the same with this, but we know that diaspora fund is a major funding source in Nigeria.”

She added, “So we are trying to up it in the business community by saying that people can run their own business and repatriate funds to Nigeria and have targeted investments from which these funds would come.”

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On the projected foreign exchange that could come into Nigeria from this initiative, Akai said, “Honestly if we have the number of investors that we are looking at, eventually in a year we should be able to repatriate between $1bn to $2bn to Nigeria because it is high net-worth individuals that should actually take interest in it.”

The chamber’s DG further stated as experts in the fields of international trade and investments, the ACCI recognised the leverage of being true global citizens in the sense of global mobility.

“Possessing a second passport, for instance the US passport, helps to extend people’s socioeconomic impact and influence, help them build beyond borders and also trade and live without limits,” Akai stated.

She, however, noted that many people seeking to become US citizens by legitimate means were not connecting with the right people, getting correct information and able to effectively manage risks and guarantee success in record time.

“In light of the foregoing, the IIUSA has partnered ACCI to organise an annual information series to help prospective US citizens connect with the right people and get correct information, thereby fast-tracking their journey to becoming US passport holders through the EB-5 Investor Visa category,” she said.

The ACCI director added, “This event is targeted at Nigerian investors and businesspeople as well as other high net-worth individuals and families who are interested in securing US citizenship through investment in the EB-5 Visa programme.

“Immigration and global investment experts, family office advisors and other distinguished personalities are also expected to attend this exclusive event.”

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