WASHINGTON, DC—On Tuesday, December 1, the U.S.-Nigeria Council (USNC) hosted a members’ briefing with executives from the U.S. International Development Finance Corporation (DFC). Former U.S. Ambassador to Nigeria and USNC Chairman Terence McCulley welcomed guests and kickstarted the event, which featured remarks from DFC Regional Director for Africa Vibhuti Jain and DFC Africa Investment Advisor for Anglophone West Africa Michelle Patrick-Akinrinade.
Jain underscored that the DFC views Nigeria as a priority market and hopes to double its investment portfolio in the country over the next three years. She also highlighted new developments within DFC, including the doubling of its capital base to $60 billion, new investment tools such as equity and local currency financing, and an increased focus on lower income countries. Jain concluded her remarks by outlining the DFC’s priority sectors for the upcoming year, which include energy, technology, healthcare, critical infrastructure, agriculture and food security, and women-owned and women-led ventures.
Patrick-Akinrinade highlighted recent progress made by the DFC in response to the COVID-19 pandemic and associated economic downturn. This includes the Rapid Response Liquidity Facility, implemented to support investees impacted by COVID-19, and the Health and Prosperity Initiative, which seeks to support health-related investments in developing countries. She concluded her remarks by detailing the DFC’s 2021 priorities for the Anglophone West Africa region, which include diversifying the DFC’s client base and geographic exposure.
Following these remarks, USNC Senior Advisor Aubrey Hruby moderated a discussion between Jain, Patrick-Akinrinade, and USNC members participating in the discussion. Topics included DFC’s application process and eligibility criteria, as well as the 2X Women’s Initiative, which seeks to catalyze private sector investment in global women’s economic empowerment.
This event was the first in a series of USNC briefings on U.S. Government programs and initiatives that work to advance two-way trade and investment between the United States and Africa. If you would like to learn more about the USNC and our future programming, please email USNC Director of Operations Jonathan Dörnhofer at jdornhofer@usnigeriacouncil.org.