US Investor Eyes Nigeria’s Infrastructure Devt Sector

21 Jan 2013

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US Ambassador, Mr. Terrence McCulley

By Damilola Oyedele

The Managing Director of the United States-based Star Building Systems, Mr. Joel Edge, has said his firm is interested in investing in infrastructure development in Nigeria, adding that many business opportunities exist for foreigners despite the nation’s security challenges.

Edge, while speaking with newsmen in Abuja recently, cited other sectors with huge opportunities to include agriculture, steel and power sectors, and disclosed that he decided to visit Nigeria to explore the business opportunities after US Ambassador, Mr. Terrence McCulley, called on American businesses to consider investing in Nigeria.

According to him, his company has competences in the area of steel products especially in the construction or airport hangers and general aviation. He emphasised that his firm is seeking business opportunities on the African continent in many sectors, adding that “Nigeria is a very beautiful country with nice people, lot of problems and opportunities and a great need for infrastructure which we can help with.”

The MD however noted that the problem in the supply of power would increase the firm’s costs of doing business in Nigeria as it would have to generate its own power through the use of generators and diesel.

He called on the relevant authorities to work at improving the sector as any investor would pass the cost of providing own power to the consumer which would drive up the cost of any product.

Despite that, Edge noted that investors would still make substantial profit in Nigeria and have the opportunity to help develop Nigeria’s economy by creating jobs.

The US Ambassador, at a recent meeting between Nigerian and American businessmen, had said Nigeria was too important to be ignored by any businessman.

“My message to American companies wishing to invest in the country is that Nigeria is too important to be ignored. There are too many opportunities to be accessed in so many areas, a country with more than 160 million people, and the American companies cannot ignore”, he had said.

Tags: Nigeria, Featured, Business, Terrence McCulley

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