The United States has expressed interest in the compelling investment opportunities in Nigeria but emphasized the need to remove barriers to investment, according to US Secretary of State Anthony Blinken.
After talks with President Bola Ahmed Tinubu at the State House in Abuja, Blinken commended Nigeria’s economic potential but highlighted the importance of addressing long-term challenges.
Blinken stated, “Now, Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it’s no secret that there remains some long-term challenges that need to be overcome, to really unlock the full potential, tackling corruption, making it easier for foreign companies to repatriate capital, these will all pull in a transformative direction and pull in transformative direct investment.”
The U.S. Secretary of State welcomed President Tinubu’s bold reforms, including the unification of the currency and the end of fuel subsidy.
However, he pointed out impediments such as the repatriation of capital and ongoing efforts to combat corruption.
Blinken stated, “One is the repatriation of capital. I know that the Central Bank Governor is working on that, and the second is the ongoing effort to combat corruption because companies that come in and invest want to make sure that they’re going to be investing with a fair level playing field, and corruption, of course, is a big impediment. I do think we’re seeing real improvement.”
Highlighting the potential in Nigeria’s tech sector, Blinken expressed the eagerness of American entrepreneurs and companies to partner with and invest in Nigeria’s economy.
He cited collaborations with Nigerian partners in the tech sector, the laying of undersea cables, and satellite technology initiatives to expand internet access.
Blinken remarked, “American entrepreneurs, American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector. We want to work in partnership to help drive Nigeria’s technological revolution, which is creating jobs, growing businesses, and fostering innovations in both of our countries.”
He also noted the cooperation between the U.S. and Nigeria in various initiatives, including climate action, global health efforts, and science and technology exchange.
The U.S. Secretary of State emphasized the importance of the partnership with Nigeria, Africa’s largest country, economy, and democracy, in driving positive change on the continent.
