Bolaji Balogun, the CEO of Chapel Hill Denham Limited, has revealed a strategic collaboration with the U.S. government’s Prosper Africa and Power Africa initiatives, alongside USAID. Their joint mission is to entice American Institutional Investors (AII) to explore the vast $1 trillion Investment Asset Funds.
The initiative kicks off with a roadshow from October 9 to October 13, 2023, uniting 12 executives responsible for overseeing assets exceeding $1 trillion from renowned U.S. pension funds and financial service providers. The core objective of this endeavor is to facilitate meaningful interactions between Nigerian firms, fund managers, and American investors, while shining a light on the myriad investment opportunities within Nigeria.
During a welcoming reception hosted at the residence of the United States Consular General Officer, Balogun emphasized Nigeria’s keenness to foster business relations with English-speaking countries, with the United States being an ideal partner due to its strong ties within the U.S. diaspora.
Notably, while the U.S. manages a substantial portion of global investment assets, its investments in Nigeria have historically been concentrated in the oil, gas, and banking sectors, primarily through Citi Bank. This roadshow stands as the AII community’s firsthand introduction to the intricacies of Nigerian business operations and the vast investment potential outside the traditional sectors.
Throughout their stay in Nigeria, AII members will participate in site visits, events, and investor pitch sessions in key economic centers like Lagos and Abuja. Balogun underscored the limited exposure that institutional investors have had to Nigeria, highlighting the importance of this tour to provide a comprehensive understanding of the local business culture and investment prospects.
He also stressed the potential for other Nigerian states to leverage their unique business advantages for infrastructure development, mirroring the success witnessed in Lagos State. This model could have a far-reaching impact by boosting internally generated revenue (IGR).
During the reception, William B. Stevens, the Consular General of the U.S. Consulate General Office, expressed his excitement about the tour, acknowledging its potential as an eye-opener for the AII community. He extended heartfelt gratitude to all the partners who had worked tirelessly to create a conducive environment for this remarkable initiative.
Foreign investments from the U.S. saw an 84.4% decline, plummeting from $4.69 billion in 2019 to an anticipated annualized figure of $734.6 million in 2023. However, the timing of the AII community’s visit couldn’t be more opportune, as projections indicate that U.S. foreign investment in Nigeria is set to surge by an impressive 156% by the end of 2023, signifying a promising era of economic cooperation and growth.