Business
Group Pledges $4bn Investments To Resuscitate Economy
The Nigerian American Business Forum (NABF), a group of U.S-based accomplished Nigerian professionals, has announced plans to attract an estimated four billion dollars investment into the Nigerian economy in the next two years.
The President of the forum, Mr Kenneth Shobola, in a statement in Abuja, said the forum announced the plan at its 2020 Investment Conference in Florida.
The theme of the conference according to him is “Improving Nigeria’s Economy: opportunities and challenges”.
Shobola expressed the determination of the group to use its wealth of experience and connections to attract development to their fatherland in spite of obvious investment challenges.
“Our goal remains the same; we are attracting a four billion dollars investment over a two-year period. We have already identified some areas where there’s deficiencies such as healthcare, agriculture and education.
“We have been doing quite a lot. Privately a lot of our members are making inroads into those numbers and also corporately, we are already working and also looking at very good viable projects in Nigeria.
“Should things go the way we want, with the plans we have in place, exiting this conference, a huge chunk of that four billion dollars investment would definitely be hit before our next conference,” he said.
Shobola said Nigeria was one of the best and most fertile countries to invest in anywhere in the world, stressing that there were many opportunities in Nigeria that investors would probably not see in the US, adding that if properly harnessed, would provide the desired results.
According to him, there are opportunities to stem the scourge of medical tourism by looking at dilapidated hospitals or healthcare establishments that need restructuring and administrative services in addition to bringing experts in to run such facilities the way they were done in the U.S.
“NABF is looking at establishing and integrating the most current diagnostics techniques and treatments options based on the expertise we have here in the U.S.
“There are some experts such as cardiologists, neurologists, ophthalmologist, surgical interventionists in the areas of cancer, diabetes and a lot of the common diseases that tend to plague our people,” he added.
Shobola said that the undesirable level of youth unemployment in Nigeria was one of the issues that pushes NABF to invest in the country.
He added that NABF’s overall goal was to get to 100 per cent of youth employment.
According to him, just look at the Nigerians here, they sing our praises everywhere we go just because we have the opportunities and those opportunities showcase our talents.
“But Nigerians at home have the education but don’t have the opportunities. This is creating a very dangerous condition,” the NABF President said.
“Combating youth employment is a tall order but believed that the diasporas intervening along complementing the efforts of government and the private sector in Nigeria would make the desired difference.
“We just put ourselves in these kids condition. There is a huge problem, intellectual gaps between Nigerians abroad and those at the homeland.
“That is a big challenge for us because as Nigerians here, we can identify with them because we went through that same system.
“The conference was attended by accomplished investors from all over the world and high level Nigerian government officials in the United States,” he said.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
