Nigeria offers “compelling opportunities for investors,” but it must remove barriers to investment, the United States (U.S.) said Tuesday.
It also indicated the readiness of American companies to do business in Nigeria.
U.S. Secretary of State, Anthony Blinken stated this yesterday after talks with President Bola Ahmed Tinubu at the State House in Abuja.
Blinken, who was on a four-nation African tour, addressed reporters along with Minister of Foreign Affairs Yusuf Maitama Tuggar.
Blinken said his talks with the President “dwelt on a range of common priorities, including our focus on accelerating economic growth and opportunity here.”
“Now, Nigeria offers real, clear, and compelling opportunities for investors. At the same time. I think it’s no secret that there remain 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, he said.
The U.S. top diplomat said, “We welcome the president’s bold reforms to unify the currency and end fuel subsidies.
“There remain some impediments that we hear from our own business community that I think stand in the way of maximizing those opportunities. One is the repatriation of capital. I know that the Central Bank Governor is working on that, and 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 on a level playing field, and corruption, of course, is a big impediment. I do think we’re seeing real improvement.”.
He added, “This (Nigeria) is a place of extraordinary innovation and extraordinary dynamism. I’ve had the opportunity to visit many times over the years. I’ve seen that each and every time, and I expect to see more of that latest tomorrow.
“American entrepreneurs and American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector.
“We have tech giants that are teamed up with Nigerian partners to help Mr. President meet the One Million Digital Jobs Initiative. Other companies are working on laying undersea cables and using satellite technology to expand access to the internet. Our tech incubators are fostering Nigeria’s next startups.
“Our venture capital companies are working to finance. So, we want to work in partnership to help drive Nigeria’s technological revolution, which is creating jobs. It’s growing businesses, and it’s growing innovations in both of our countries.
“Because one of the things we’ve learned from these partnerships is that they benefit us as much as any place or any company in which we’re investing. We’re learning a lot from Nigeria. And one of the initiatives that President Joe Biden laid out, the digital transformation with Africa Initiative, we see as particularly energised and triggering focus for us.”
Noting the cooperation between the US and Nigeria, Blinken said: “Nigeria, as Africa’s largest country, largest economy, and largest democracy, is essential to that effort. And we are doing a lot of work together already. To drive in a positive direction. We’re driving climate action.
“As partners in the global nothing coalition, we’re pushing for permanent representation, crafting voices, the UN Security Council, and other international organizations that need to reflect the realities of today, not just the day that they were created many, many years ago.”
He added, “We’re working in collaboration to support the development and use of artificial intelligence for good with 30 other Atlantic countries. We’re driving blue economic development, environmental protection, and science and technology exchange through a new partnership for learning cooperation.”
