- The 2022 United States-Africa Leaders Summit, an international conference, was recently held in Washington, D.C.
- 300 American and African business leaders, including those from Nigeria, came together to catalyze investment in critical sectors
- One such leader from Nigeria was Tein Jack-Rich, who championed helping Africa build an industrial value chain.
washington – Tein Jack-Rich CON, a former presidential hopeful under the ruling All Progressives Congress (APC), has called on the United States to speed up the process to admit Nigeria and the African Union (AU) to membership of the group of 20 (G -20) to improve regional development.
Jack-Rich, president and founder of Belema Oil, Nigeria’s indigenous oil company, made the appeal recently on the sidelines of the US-Africa Leaders Summit in Washington DC, United States, during an engagement with the Association of Mayors of USA.
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Jack-Rich, who was in Washington DC in one of the subsections with the US mayors, told world leaders that the inclusion of the AU and Nigeria in the G-20 is something Africa needs right now.
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He said in a video that has gone viral on social media:
“What we need now is your collaboration, I want to use this medium to tell you that one good thing that you will do for Africa is to have the African Union as part of the G-20 and Nigeria.
“Another thing that I also want to appeal for is the admission of Nigeria to the G-20 because Nigeria accounts for about 19.3 percent of the total GDP of Africa. That is a strong economy.
“I’m in the energy business, one thing we need right now is technology collaboration.”
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According to Jack-Rich, the technological collaboration of developed countries can enable Africa to build a world-class business center involving Africa’s huge population.
He said industries are critical in generating jobs to profitably engage the growing population of working age, and called for technology assistance that will help Africa build an industrial value chain.
The Group of Twenty (G20) is made up of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey , USA. United Kingdom and United States and the European Union.
G20 members account for around 85% of world GDP, more than 75% of world trade and around two-thirds of the world’s population.
US President Joe Biden announced during the summit his support for the African Union joining the G20, a global forum for major economies, as the United States seeks to build stronger relationships with African nations.
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Biden said African leadership and innovation were critical to addressing some of the world’s most pressing challenges.
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legit.ng It had previously been reported that the National Bureau of Statistics (NBS) recently revealed that Nigeria attracted $1.73 billion of foreign investors, companies in the third quarter of last year (Q3’21).
The amount is a 97 percent improvement from the $875.62 million reported in the second quarter of 2021.
NBS gave the numbers in its published Capital Import Report for the third quarter of 2021 posted on its website.
Lagos leads other states in capital imports
Meanwhile, Lagos remains an investor darling in Nigeria as it topped the list of states that attracted the most investment in 2020.
Lagos outshone other states and the Federal Capital Territory (FCT) by attracting $8.31 billion in investment.
On the other hand, for two full years, 11 of Nigeria’s 36 states failed to attract foreign investment.