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Oye Urges U.S. Investors to Leverage Nigeria’s Large Population

Dele Kelvin Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has urged businesses and investors in the United States to leverage Nigeria’s large, youthful population and its human capital advantage to exploit the opportunities of the African Continental Free Trade Area (AfCFTA). 

Oye, who was a panelist at the U.S./Africa Business Expo in New York, United States, said Nigeria’s population and its human capital advantage is what sets it apart within the African market, noting that the investors can unlock the economic potential that the AfCFTA offers for the economic benefits of both countries. 

The NACCIMA boss said the administration of President Bola Ahmed Tinubu was undertaking holistic reforms and policies across various sectors to transform Nigeria as the most conducive country for foreign investments, reiterating the need for increased bilateral trade relations between Nigeria and the United States to facilitate growth and prosperity in both economies. 

According to him, “Under the rules of origin, you can trade in Africa under the continental free trade. Nigeria also represents a large country with over 240 to 250 million people. What this means is that even if you are selling a piece of paper in Nigeria, you are already a billionaire. You don’t need to go outside Nigeria. “You also have people with huge talents; you don’t need to bring in your expatriates in any field to come to work in Nigeria. I can assure you that the local talents abound and they are ready to collaborate with you.” 

Rallying Nigerians in the Diaspora to bring investments back home, Oye said, “I am urging all of you today to see Africa with a distinction. Some of you complain that there’s no light and water, among others, but I tell you today that those are opportunities. If you provide a solution, you can make money out of it. 

“See those problems as opportunities and be a gateway to lead Africa with whatever emerging technologies. In any investment you do, if you invest in the wrong technology, you will lose money. So, part of your first job here is when there’s a new invention, make sure you tell us back home. That way you would have contributed to solving a problem back home.” 

On his part, the Executive Director at U.S./Africa Trade, Gbenga Omotayo, while commending the NACCIMA boss, said, “This is probably the most important speech anyone has given on the opportunity that abounds in Nigeria and Africa.  “For the first time, people in this part of the world understood the enormity of the opportunity and attractiveness of Nigeria with this new leadership. Dele Oye’s brilliance is at another level. Thank you for being a good ambassador and sharing your wealth of experience.”