U.S. energy trade mission to invest $1.5 bn in Nigeria
15 February 2012
Business Day | February 14, 2012
A US energy trade mission, led by deputy assistant secretary for African Affairs, William Fitzgerald said on Tuesday that the trade mission will invest $1.5 billion on energy business in Nigeria.
The mission is a private public partnership with the Corporate Council on Africa.
The delegation of US government met with Nigeria’s senior government officials to discuss challenges for US private sector investment in energy infrastructure projects.
Delegates from the American business community represented firms in a position to advance large scale, on-grid generation and fuel supply projects.
Tuesday meeting is a follow-up to an earlier meeting with Nigeria’s power ministry when an MOU was signed in Nigeria, and an organised forum in the US in 2007 where talks on opportunities for investment were discussed with Nigeria delegates, said Wanda F. Felton, vice chair and first president of US Exim Bank.
“The $1.5 billion investment, is not all that is involved,” said Felton, “because this fund can catalyze other investments”. She said the US Exim Bank was ready to support companies to come and invest in Nigeria. “We should expect this money to multiply.” she said.