US Govt Gives Reason Why American Businesses Are Yet To Invest in Nigeria

Jan 24, 2024 | Entertainment, News


  • The United States government has once again reiterated its strong relationship with the federal government of Nigeria
  • This was confirmed by the US Secretary of State Antony Blinken, who visited Nigeria on Tuesday, January 23
  • He told reporters that businesses in the US were willing to invest in Nigeria, but other impediments needed to be clearer

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

State House, Abuja – The United States has cited the high rate of corruption and difficulty in repatriating capital, amongst others, as some of the reasons why American entrepreneurs eager to invest in Nigeria are stalling.

The US Secretary of State Antony Blinken told journalists at Nigeria’s Aso Villa on Tuesday, January 23.

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The US government expressed it's optimism to invest in Nigeria
Antony Blinken said President Bola Tinubu remains focused on helping integrate development in Nigeria across all sectors. Photo Credit: Antony Blinken
Source: Twitter

As quoted by Premium Times, Blinken said:

“American entrepreneurs and American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector… Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it is no secret that there remain some long-term challenges that need to be overcome…”

Following discussions with President Bola Tinubu, Mr Blinken informed reporters that for Nigeria to unleash its complete potential and enhance foreign investment, the West African nation must address corruption issues and facilitate a smoother process for foreign companies to repatriate their capital.

He said:

“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.”

US businesses to invest in tech – Blinken

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Mr Blinken has mentioned that these investors are specifically keen on the technology industry, highlighting that various companies are deploying undersea cables and utilising satellite technology to enhance internet accessibility in Nigeria.

He expressed confidence in President Tinubu’s administration, which is dedicated to addressing the existing challenges.

Despite the acknowledged difficulties in Nigeria, Blinken emphasised that the government and American business leaders actively seek opportunities to tap into the country’s significant potential as a gateway to Africa.

He highlighted substantial investments made by private sector firms in partnership with local entities, focusing on fostering development, especially in the health sector.

The US Secretary of State visits Nigeria during his week-long tour of four African nations.

During his visit, he emphasised the United States’ dedication to fostering meaningful collaborations in Africa, addressing common challenges, and fulfilling the commitments made to citizens.

He highlighted Nigeria’s crucial role in US efforts on the continent, outlining various areas of partnership, such as participating in climate initiatives like the Global Methane Coalition.

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Economic outlook keeps investors wary on Nigeria

Additionally, he mentioned the shared goal of seeking permanent representation in the UN Security Council and other global organisations. Mr Blinken praised Nigeria as a hub of remarkable innovation and dynamism.

Nigeria set to receive $8.9M of stolen assets starched in US

In another report, following a court ruling by a judge in Jersey, Nigeria is set to receive $8.9 million, as stated on the Jersey government website.

The decision was made in response to a forfeiture notice served by the Attorney General to the Royal Court.

The funds, held in a Jersey bank account since 2014, are believed to be linked to a high-ranking government official in Nigeria.

Source: Legit.ng





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