Blinken Promises American Companies Investments In Nigeria

Adoga Stephen By Adoga Stephen - Editor-In-Chief
3 Min Read

Anthony Blinken, the US Secretary of State, has stated that American corporations are eager to collaborate with and invest in Nigeria’s economy.

This was revealed by Blinken, who is on an African trip, during a visit to President Bola Tinubu on Tuesday, January 23, 2024, at the Presidential Villa in Abuja.

While briefing the press following his meeting with President Tinubu at the State House Abuja, Blinken stated, 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.’’

Despite the potential benefits of investing in Nigeria, the US top diplomat acknowledges the difficult business conditions in the country.

Nigeria is consistently ranked low on Transparency International’s corruption perceptions index, indicating high levels of corruption.

Blinken believes that addressing this issue and improving the business environment are crucial for unlocking the potential of 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 stated that “tackling corruption and making it easier for companies to repatriate capital” is critical for Nigeria’s ability to attract international investment.

Blinken admitted that some of the Tinubu administration’s changes, such as the elimination of petrol subsidies and the floating of the currency rate, may have a negative impact on the people, but stated the US will continue to help Nigeria to mitigate the impacts.

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

In addition to meeting with President Tinubu, Blinken will also have bilateral meetings with key government officials and meet with the business community in Lagos on Wednesday.

The visit is part of the US Secretary of State’s week-long African tour, which includes stops in Cape Verde, Ivory Coast, Nigeria, and Angola.

The focus of the tour is on discussions related to regional security, conflict prevention, democracy promotion, and trade.

The visit aims to emphasize the Biden administration’s commitment to partnering with Africa and addressing issues such as climate, economic investment, and food and health.

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.