*US entrepreneurs eager to invest in Nigeria — Blinken
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President Bola Tinubu on Tuesday had a bilateral meeting with United States Secretary of State, Antony Blinken, with the top diplomat assuring that US entrepreneurs are eager to invest in Nigeria.
Blinken, who arrived Nigeria as part of his four-nation African tour, stressed his country’s commitment to strengthen genuine partnership with countries in Africa to solve shared challenges.
The Secretary informed that the bilateral with President dwelt on a range of common priorities, “including our focus on accelerating economic growth and opportunity here.
He added: “This (Nigeria) 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 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 1 million digital Jobs Initiative. Other companies are part of the 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 was 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 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.”
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 in a positive direction. We’re driving climate action.
“As partners in the global coalition, we’re pushing for permanent representation, crafting voices, the UN Security Council and 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 collaborating 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 added: “Nigeria offers real opportunities for investors at the same time. I think it’s no secret that there remain long term challenges that need to be removed to be able to really unlock the full potential, making it easier for foreign companies to repatriate capital.
“There are some impediments that we hear from our own business community that I think stand in the way of maximizing 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.
Apart from Nigeria, Blinken is visiting Cape Verde, Ivory Coast, and Angola as he seeks to reinforce the US commitment to stronger relations with democracies in the subregion amid global crises.
The US top diplomat was received at the forecourt President Tinubu’s office at about 6.55pm.
Among top government officials who receive him are: Chief of Staff to the President, Femi Gbajabiamila; Minister of Foreign Affairs, Minister of Information and National Orientation, Mohammed Idris and Minister of Solid Minerals Development, Dele Alake.
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