United States Ambassador to Nigeria, Stuart Symington and his UK counterpart Paul Arkwright, have paid separate visits to the Chairman of Forte Oil Plc, Mr. Femi Otedola, during which the parties held discussions on the Nigerian economy and the role of businesses in the country in exploring partnerships with international businesses to create more job opportunities for Nigerian youths.
At the breakfast meeting with Otedola at his Ikoyi, Lagos residence, the U.S. ambassador commended the Nigerian energy magnate for his investments in the country and for being a role model for other indigenous entrepreneurs.
The American envoy drew Otedola’s attention to Nigeria’s growing population, noting that the private sector has a critical role to play in creating opportunities for youths to be gainfully employed and in nation building.
This, Symington added, would help to address poverty in the country and rising insecurity due to the high rate of unemployment.
He encouraged Otedola to explore partnerships with U.S. companies interested in investing in solar power projects and exports.
Responding, Otedola, who in addition to being the majority shareholder in Forte Oil, is also an investor in the Geregu power plant in Ajaokuta, Kogi State and expanding into solar power, thanked the U.S. ambassador for the visit and expressed his commitment to working with international businesses to expand his footprint in the country.
“Nigerians are very entrepreneurial and would latch on to any opportunity to start and grow a business. The problem, however, has been access to cheap and long-term capital which remains an impediment.
“That is where we would like the U.S. to come in by encouraging private equity firms, venture capital and using U.S. export guarantees, among others, to support Nigerian businesses to become competitive and make good returns on their investments,” he said.
He reminded Symington that despite the political and economic risks in the country, Nigeria remains one of the few countries in the world where the returns are still high due to the infrastructure and technological gaps, making foreign investment a worthwhile venture.
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