Nigerian govt generated over N1 trillion from American businesses in 2016 — Report

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The Nigerian government generated a total of N1 trillion from American businesses in Nigeria in 2016, the American Business Council, ABC, said on Tuesday.

The details was contained in a report presented by the ABC in Ikoyi, Lagos, titled “Nigeria Economic Impact Survey.”

The report, put together by the ABC in collaboration with Accenture, General Electric and PriceWatersCoopers, represents the responses of 48 American companies operating in Nigeria.

The report highlights the U.S. companies’ impact on the Nigerian economy through gross value added to the nation’s energy future, economic output, investment, jobs and communities, remarked Lazarus Angbazo, ABC president.

Mr. Angbazo explained further that the aim of the survey is to assess the collective impact of the companies in terms of wealth and job creation in the country.

Presenting the report, Darrell McGraw of PwC, noted that over N340 million was spent on training by the companies in the year under review.

Similarly, he disclosed that a total of N34.4 billion was contributed to the tax revenue of the government by the companies in 2016.

On corporate social responsibility, Mr. McGraw said the companies have embarked on projects like free internet connectivity to premier incubation hub; building of community schools; and provision of scholarships to secondary school students.

Other CSR projects embarked upon included volunteer works in several communities, visits to schools, among others. These CSR projects, he said, was estimated at over N217 million.

The report also identified the top issues impacting business in Nigeria to include foreign currency access and policy; specific industry regulations; and crime and security.

While responding to questions on the report, Mr. Angbazo noted that there are over 100 American businesses in Nigeria but the report only captured figures from 48 companies. This development, he said, makes it plausible that the figures might be more than the one presented.

The ABC is the affiliate of the US Chamber of Commerce and an integral stakeholder in the Nigeria-US bi-national Commission (BNC).

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