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2019 US ECONOMIC IMPACT SURVEY
December 18, 2019 @ 8:00 am - 5:00 pm
The American Business Council launched its 2019 US Economic Impact Survey on the 18th of December. The survey conducted by ABC, PwC, KPMG, Verraki and the US Mission, highlights the economic effect of US companies on the Nigerian economy. It measures changes in business revenue, foreign investment, CSR, job creation, gross value added and plans for expansion of 58
The Survey shows the following:
- In 2018, U.S companies in Nigeria generated a whopping sum of N1.4 trillion in revenue.
Breakdown in the survey shows that U.S companies in Nigeria spent over N2.8 billion investments to expand operations in the last five years. Also, over N2.8 billion is planned to be invested in the next three years.
- Over 66% of U.S companies identified Nigeria as a regional hub for their operations in West Africa. Also, 63.2% of the US companies have a local content target, and this is reflected in areas such as products, people and supply chains.
- In terms of foreign direct investment inflows, U.S companies attracted $1.19 FDI inflow in 2018.
- Also, the sum of N1.6 billion was spent on training in 2018 by US Companies
- On Corporate Social Responsibilities (CSR), U.S companies in Nigeria spent N1.9 billion in 2018, up from N1.5 billion spent in 2017.
- While analyzing factors affecting businesses in Nigeria, the survey revealed that the major factors include specific industry regulations, general policy regulation, Taxation and Crime, and Security.