What US Secretary of State, Blinken, said about American companies in Nigeria

The US Secretary of State, Anthony Blinken, has assured that American companies are ready to partner with and invest in the Nigerian economy.

This was made known by Blinken, who is on an African tour, during his visit to President Bola Tinubu, on Tuesday, January 23, 2024, at the Presidential Villa, Abuja.

American tech giants team up with Nigerian partners

While briefing the press after he meets with President Tinubu at the State House Abuja, Blinken said,

• “American entrepreneurs and companies are ready to partner and invest in Nigeria, particularly in the tech sector.
  “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.’’

Nigeria offers real business opportunities despite challenges

Despite the promises investing in Nigeria holds, the US top diplomat is aware of the challenging business environment in the country.

Nigeria remains one of the lowest ranked on Transparency International’s widely watched corruption perceptions index.

Tackling this and also creating a better business environment, Blinken believes, are key to unlocking the Nigerian economy.

He said,

• “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 maintained that “tackling corruption and making it easier for companies to repatriate capital” is essential for Nigeria to attract foreign investments.

Blinken, who acknowledged that the impact of some of the reforms like petrol subsidy removal and floating of exchange rate by the Tinubu administration might be harsh on the people, said the US will continue to support Nigeria to cushion the effects.

What you should know

Blinken is the highest-ranking US official from the current administration to visit Nigeria since the January 25, 2023 election that brought President Tinubu into office.

Apart from meeting with President Tinubu, Blinken is also expected to hold bilateral meetings with some key appointees in this government as well as meet with the business community in Lagos on Wednesday.

US Secretary of State’s week-long African tour includes stops in Cape Verde, Ivory Coast, Nigeria, and Angola, focusing on discussions related to regional security, conflict prevention, democracy promotion, and trade.

The visit aims to underscore the Biden administration’s commitment to partnership with Africa, addressing issues like climate, economic investment, and food and health.