The United States Embassy and Consulate in Nigeria have revealed that there has been a seven percent increase in US foreign direct investment to Nigeria.
The Consul General, United States Embassy and Consulate in Nigeria, Mr. Will Stevens, who spoke at the 2024 Women Enterprise Day organised by the Enterprise Development Centre of Pan-Atlantic University, Lagos, said, “We have been focused on growing US trade and investment in Nigeria, and it seems to be working in the last year. US trade has grown from $10 billion to $11.3 billion, reflecting a very balanced trade relationship between the United States and Nigeria. We have also seen a 7 percent increase in US foreign direct investment to Nigeria.”
In a statement on Sunday, he eulogised female entrepreneurs in Nigeria for creating both big and small enterprises that have generated significant global economic value for the country.
The Women Enterprise Day 2024 was held at the Providus Bank head office in Victoria Island, Lagos.
“With programmes like this, we will support and train young women entrepreneurs to help grow and scale their businesses and get them grants through the United States African Development Foundation, as well as access to finance provided by Nigerian banks.
“We will continue to provide support for small and medium enterprises, particularly women-owned startups, and help them grow in scale and reach their customers,” he added.
Speaking further, the US envoy stated, “We know that when women participate in the economy, they bring the money home, and that is what we are seeing today with the Alumni Association of Academy Women Entrepreneurs investing in the next generation of female leaders in Nigeria, something we are proud to support as a UN nation.
“Our companies are coming into this market where trade numbers are growing, and we think that is a direct result of the incredible talent here and incredible opportunities in the Nigerian and US markets. It is something that we really want to focus on, and we know that the charge is going to be led by Nigerian women.”
Also speaking at the event, Managing Director/Chief Executive Officer of Providus Bank, Mr. Walter Akpani, expressed his gratitude to the American embassy, especially to the US consul general, MTN Foundation, and other partners for the support they have given not just to women entrepreneurs, but also in supporting Nigeria in general and other businesses.
He said, “As a bank, we know what our experience has been dealing with women in business. Providus Bank has given a female startup owner N20 million for a business in less than two years, and she has been able to turn it around, with her business income now growing to over N1.2 billion.”
President of the Academy for Women Entrepreneurs Alumni Association of Nigeria, Mrs. Adebisi Odeleye, lauded the impact of female startups in the Nigerian economy and urged relevant stakeholders to give their support to this category of entrepreneurs in Nigeria.
Director, Enterprise Development Center (EDC), Pan-Atlantic University, Dr. Nneka Okekearu, said, “Female entrepreneurship in Nigeria has a significant impact on the economy, contributing to job creation, wealth generation, and poverty eradication. Women entrepreneurs contribute to 41% of ownership of Small and Medium-sized Enterprises (SMEs), which account for 48% of Nigeria’s GDP.”
For job creation, she said, “Women-led businesses are a major source of job creation in Nigeria. Women entrepreneurs help to reduce poverty through their businesses, empower other women to take charge of the economy, influence key economic pillars, and reshape industries while fostering innovation.”
