American firms ready to invest in Nigeria – US Secretary of State

The US Secretary of State, Anthony Blinken, has assured of the country’s companies’ readiness to partner with and invest in the Nigerian economy.

Blinken, who is on an African tour, made the remark in Abuja during his visit to President Bola Tinubu at the Presidential Villa.

“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 the promises investing in Nigeria holds, the US 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.

“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.

Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect after ending a fuel subsidy and freeing up the naira currency — policies the government says will bring more foreign investment despite the short-term austerity they cause.

The moves have been praised by investors. But they have also led to a sharp fall in the naira’s value against the dollar, and access to foreign currency in Nigeria remains a major problem for foreign companies.

Blinken said while the impacts of these reforms might be harsh on the people, the US will continue to support Nigeria to cushion the effects.