The United States Government has unveiled a new trade policy to increase American corporate investment in Nigeria and other developing countries. U.S. Assistant Secretary of State for African Affairs, Ambassador Tibor Nagy, disclosed this during a media chat on Saturday in Abuja, the nation’s capital.
This comes as concerns grow in the West over China’s increasing influence in Africa. The Asian country has been the largest trading partner for Africa for nine consecutive years, exceeding $98.8 billion in the first half of 2018.
Ambassador Nagy, however, revealed that US President, Donald Trump has signed a legislation that would provide $60 billion capital to fund investment in developing countries. He said, “We know there is an incredible amount of business capital out there looking for a home, now we are very much looking to the next step.
Read Also: Kenya Launches Internal Police Affairs Unit
“One of those instruments has just been passed by the US Congress and signed by President Trump.” He explained that the new funding is aimed at supporting bankable projects in African nations and other developing countries.
The legislation, according to Nagy, is the Better Utilisation of Investments Leading to Development (BUILD) Act. The law establishes an International Financial Development Institution that seeks to support private investment in development projects in developing countries. Ambassador Nagy explained that the fund would be made available in the next fiscal year.