10 US companies President Buhari should be pressing President Biden to encourage to come and open manufacturing facilities in Nigeria

Ayo Akinfe

(1) General Motors

(2) Ford

(3) Chrysler

(4) John Deere

(5) Dell

(6) Boeing

(7) Prizer

(8) Tyson Foods

(9) Hewlett Packard

(10) Nike

We need about $50bn in foreign direct investment in 2021 to save us from economic strangulation. If these companies come to Nigeria, it will create about 1m new jobs and maybe an extra 2m ancillary and supply jobs.

Just imagine how much wealth this would create and the tax revenue it will generate for Nigeria. It is a win-win scenario because here is what the Americans stand to benefit:

(1) Double digit returns on investment

(2) Low production costs

(3) Unfettered access to the 380m Ecowas market

(4) Near monopoly access to the 200m Nigerian market

(5) A young workforce who guarantee many years of operation

(6) Access to cheap raw materials

(7) Low training costs as we have a well educated population

(8) Unprecedented scope for expansion

(9) A new outlet as most of these companies are looking to relocate from China. Covid-19 has exposed the dangers of planting all your eggs in one basket

(10) Developing Nigeria’s economy is the only real way to guarantee peace and stability in West Africa. A strong Nigeria is the only antidote to terrorism in our sub-region