January 24, (THEWILL) – US Secretary of State, Antony Blinken, has lauded some of the bold economic reforms of President Bola Tinubu’s administration, saying Nigeria offers real opportunities for investors.
The investment opportunities, Blinken noted, are being weighed down by impediments to capital repatriation and corruption.
Blinken spoke on Tuesday evening while addressing newsmen in company with Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, after meeting with President Tinubu at the State House in Abuja.
THEWILL reports that Blinken is on the second stop of a four-nation tour of Africa taking him to Cape Verde, Ivory Coast, Nigeria, and Angola from January 21 – 26. The purpose of the trip is to discuss United States – African partnerships over trade, climate, infrastructure, health, security, and other issues. It follows a summit in Washington with African leaders in December 2022.
“There remain 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.
“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.
“This is a place of extraordinary innovation, 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, American companies are eager to partner and invest in Nigeria’s economy, particularly, in the tech sector. We have tech giants that are teamed up with Nigerian partners to help the President’s new 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 start-ups.
“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 country that we’re investing in. We’re learning a lot from where we’re getting a lot.
“One of the initiatives that President Biden laid out is the digital transformation with Africa initiative. We see it as particularly energised 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 remain some long-term challenges that need to be overcome to really unlock the full potential.
“Tackling corruption, and making it easier for foreign companies to repatriate capital. These will all pull in a transformative direction and pull in transformative direct investment.
“To drive in a positive direction, we’re driving climate action. We’re working in collaboration to support the development and use of artificial intelligence for goods with 30 other Atlantic countries. We’re driving blue economy development, environmental protection, science and technology exchange through a new partnership for learning cooperation,” he said.
