…US entrepreneurs eager to invest in Nigeria – Envoy
…says Nigeria home to extraordinary innovation, extraordinary dynamism
…calls for ease in capital repatriation
OSAS EMMANUEL
ABUJA, Nigeria – President Bola Tinubu, on Tuesday, received the United States Secretary of State, Antony Blinken, at the Presidential Villa, Abuja.
The US Envoy arrived in Nigeria as part of his four-nation African tour, where he had a bilateral meeting with President Tinubu where issues of common priorities, including his country’s focus on accelerating economic growth and opportunity in Nigeria was discussed.
Blinken stressed the United State’s commitment to strengthening genuine partnerships with countries in Africa to solve shared challenges.
In his address, Blinken assured that US entrepreneurs are eager to invest in Nigeria, even as he described the giant of Africa as a place of extraordinary innovation, extraordinary dynamism.
“This is a place of extraordinary innovation, extraordinary dynamism. I’ve had the opportunity to visit many times over over the years. I’ve seen that each and every time, and I expect to see more of that latest tomorrow.
“American entrepreneurs, 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 me president’s news one million digital Jobs Initiative other companies are part of work laying undersea cables, 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 it benefits us as much as any place or any company that we’re investing. We’re learning a lot from we’re getting a lot. And one of the initiatives that President Biden laid out the digital transformation with Africa Initiative, we see it as particularly energized and triggered focus for us.
“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.”
Noting the cooperation between the US and Nigeria, Blinken said: “Nigeria, as Africa’s largest country, largest economy, largest democracy is essential to that effort. And we are doing a lot of work together already.
To drive 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 in other international organizations that need to reflect the realities of today, not just the day that they were created, many many years ago.
“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, science and technology exchange, through a new partnership for learning cooperation.”
While welcoming President Tinubu’s “bold reforms to unify the currency and end fuel subsidy” he stressed the need to remove impediment to capital repatriation.
He said: “Nigeria offers real opportunities for investors at the same time I think it’s no secret that there remains long term challenges that need to be removed to he able to really unlock the full potential, making it easier for foreign companies to repatriate capital.
“There remains some impediments that we hear from our own business community that I think stand in the way of maximising 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 with a fair level
playing field and corruption, of course, is a big impediment event.”
In his remark, Nigeria’s Foreign Affairs Minister, Yusuf Tuggar said the bilateral also discussed issues such as food security, agriculture, pharmaceuticals, and security in the subregion, noting that the discussions were fruitful.
