The Mayor of Houston, Texas, United States of America, Mr. Sylvester Turner, on Tuesday emphasised that foreign investors would steer clear of Nigeria unless major regulatory constraints are resolved.
Specifically, he said potential investors from Houston would like to see certainty and clear regulatory environment before investing in the country.
Turner, who led a 30-man diverse business delegation on a courtesy visit to the Federal Ministry of Industry, Trade and Investment, said investors like certainty of policies rather than a back-and-forth scenario.
Addressing top officials of the ministry led by the Permanent Secretary, Dr. Evelyn Ngige, the mayor said as much as the Houston delegation would like to facilitate increased investments in Nigeria, it is critical that the environment of certainty was assured.
He encouraged Nigeria to endeavour to set up a Counsellor’s Office in Houston in order to further boost trade facilitation.
Turner also called for resumption of direct flights between Houstin and Nigeria, lamenting that the current 16 hours multiple flights between then could strain trade relations. He noted that there used to be direct flights between Nigeria and Houston around 2016/2017, before it was stopped.
He expressed Houston’s readiness to invest in energy, agriculture, technology and some key economic sectors in Nigeria.
According to him, Houston remains the energy capital of world, adding that this was not enough until it reaches out to the world.
While commending the relationship between Houston and Nigeria over the years, he estimated the trade value between both parties at $1.6 billion annually as at 2022, adding that this could be improved going forward.
He said Houston was ready to invest in Africa, particularly Nigeria for the growth of the continent, adding that the visit was aimed at further establishing a bond.
In her response however, Ngige expressed Nigeria ‘s willingness to collaborate with Houston to improve trade and economic relations.
She pointed out that Nigeria remained one of the US largest trading partners particularly in sub-Saharan Africa, adding that the relationship culminated into massive inflow of Foreign Direct Investment (FDI) into the country.
Noting that there are Nigerian companies and professionals doing business in the US, she said, “We hope to continue to strengthen our ties as Africa’s economic giant. It is important to mention that our relationship over the years had stimulated the signing of several agreements.”
Ngige further expressed appreciation that Nigeria was selected as one of the three countries earmarked for the trade mission, to expand relationships in healthcare, technology, agriculture, education, and especially in the energy sector, including Nigeria’s participation at Houston’s annual Africa Day.
She said, “I am happy to highlight that Nigeria is Houston’s 41st largest trading partner with trade averaging $1.6 billion. We hope to further boost the existing trading activities between two partners in order to double this figure for the overall benefit of our countries and the ministry is happy to work with you to take this relationship to the next level, in line with the renewed hope of the current administration.”
The permanent secretary expressed that the delegation’s focus sectors are in convergence with the present administration’s development agenda for renewed hope, National Development Agenda 2021 – 2025 and Nigeria Agenda 2050.
She said, “Our doors remain open for collaboration, partnership, cooperation and synergy with our trading partners.”
James Emejo in Abuja
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