The Speaker of the House of Representatives, Tajudeen Abbas, has called on American businesses to invest in Nigeria’s non-oil sectors, promising continued efforts to strengthen security and improve the business climate.
Abbas made the appeal on Monday in Abuja when a delegation from the United States Chamber of Commerce visited the National Assembly. He was represented at the meeting by the House Majority Leader, Julius Ihonvbere.
The Speaker acknowledged concerns about the difficulties of operating businesses in Nigeria but maintained that the country had considerable investment potential, driven by its large population, skilled labour force, technical capabilities and abundant natural resources.
“People will tell you that Nigeria is a tough place to do business. But those who say so have not been tried before. It’s one of the easiest places to do business. There’s nothing you need that you cannot find here,” he said.
He said President Bola Tinubu’s administration remained committed to expanding trade relations with the United States and other countries despite the challenges arising from ongoing economic reforms.
Abbas, however, noted that translating improvements in the country’s economic indicators into better living standards for ordinary Nigerians remained a challenge.
He also welcomed the extension of the African Growth and Opportunity Act, which provides eligible African countries with preferential access to the US market, describing it as an avenue to deepen trade and commercial relations between Nigeria and the United States.
On security, the Speaker said Nigeria had recorded significant improvements, pointing to collaboration between both countries in addressing extremist threats.
He added that the National Assembly had passed laws aimed at supporting businesses and strengthening the ability of security agencies to safeguard lives and property.
Abbas urged American investors to explore opportunities beyond the oil and gas industry, identifying agriculture, healthcare, education, tourism, hospitality, construction, sports, fashion and solid minerals as sectors with investment potential.
He specifically highlighted agribusiness, the rising demand for hospitality services and the need for world-class medical facilities as areas where American companies could establish profitable ventures.
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The Speaker also drew attention to Nigeria’s deposits of lithium, gold and other solid minerals in several states, urging foreign investors to take advantage of the opportunities available in the sector.
He encouraged American businesses to partner with Nigerian private-sector operators, noting that local partnerships could help them understand market conditions, establish business connections and identify viable investment projects.
Abbas further advised the delegation to engage Nigerian business leaders and comply with the country’s laws and regulations. He said such cooperation could generate returns for investors, create employment and contribute to economic growth.
Earlier, the President of the US Chamber of Commerce’s US-Africa Business Centre, Kendra Gaither, said the delegation had come to Nigeria to “strengthen commercial relations and identify practical investment opportunities.”
Gaither explained that the team would spend three days engaging government officials and industry leaders to advance bankable projects, strengthen business partnerships and create jobs in Nigeria and the United States.
She disclosed that the US-Africa Business Centre had partnered with the American Business Council Nigeria to establish the US-Nigeria Business Initiative, which seeks to identify sectors where companies from both countries can increase collaboration.
The delegation also highlighted opportunities presented by the African Continental Free Trade Area, with Gaither noting that closer commercial relations could enable Nigerian and American businesses to expand their operations across African markets.
She said the team was seeking Abbas’s “guidance on strengthening cooperation between the two countries’ business communities and translating their longstanding relationship into tangible economic gains.”
Nigeria and the United States have maintained longstanding diplomatic and economic relations, with businesses from both countries operating across sectors including energy, agriculture, technology and healthcare.
However, security concerns, inadequate infrastructure, foreign exchange volatility and regulatory uncertainty continue to pose challenges for investors operating in Nigeria.
The delegation’s visit comes amid broader efforts to strengthen commercial ties between the United States and African countries and expand private-sector investment opportunities.
Converting the discussions into tangible projects will require sustained cooperation between businesses and government institutions, alongside improvements in the operating environment for investors.