U.S. Secretary of State Anthony Blinken, currently on an African tour, has conveyed the eagerness of American companies to engage in partnerships and investments within Nigeria’s economy, with a particular focus on the tech sector.
During his visit to President Bola Tinubu at the Presidential Villa in Abuja, Blinken expressed optimism about collaboration between American entrepreneurs and Nigerian partners, citing initiatives like President Tinubu’s one million digital jobs agenda.
Blinken, acknowledging the challenges in Nigeria’s business landscape, emphasized the potential for real investors but pointed out the need to address long-term challenges for unlocking the country’s full economic potential.
He specifically highlighted tackling corruption and streamlining processes for companies to repatriate capital as essential steps to attract foreign investments.
“American entrepreneurs and companies are ready to partner and invest in Nigeria, particularly in the tech sector,” he said while briefing the press after he met with Tinubu at the State House in Abuja
“We have tech giants that have teamed up with Nigerian partners to help meet President Bola Tinubu’s one million digital jobs initiative.”
“Our tech entrepreneurs are fostering Nigeria’s next start-ups and our venture capital companies are working to finance them,” Blinken added, saying American firms are also working to broaden internet access in the West African country.
“So, we want to work in partnership to drive Nigeria’s tech revolution,” he said.
Despite recognizing Nigeria’s competitive opportunities, Blinken highlighted the importance of dealing with corruption and creating a conducive business environment. Nigeria’s ranking on Transparency International’s corruption perceptions index remains a concern.
The U.S. diplomat stressed the significance of making it easier for companies to repatriate capital, emphasizing the pivotal role such reforms play in attracting foreign investments.
“Nigeria offers real clear competitive opportunities for real investors. But at the same time, I think it is no secret that there remain long-term challenges to unlock its full potential,” he said.
He maintained that “tackling corruption and making it easier for companies to repatriate capital” is essential for Nigeria to attract foreign investments.
President Tinubu, who assumed office last May, has introduced reforms such as ending fuel subsidies and freeing up the naira currency, policies aimed at attracting more foreign investment.
While these moves have been applauded by investors, they have also led to challenges, including a sharp depreciation of the naira against the dollar and difficulties in accessing foreign currency in Nigeria.
Blinken acknowledged the potential impact of these reforms on the population and affirmed continued U.S. support for Nigeria in navigating through these changes. The commitment extends to assisting Nigeria in mitigating the effects of the reforms and fostering an environment conducive to foreign investment.
Ada Peter
