- Tells Tinubu to Tackle Corruption, Make It Easier for Companies to Rep
- Assures US Will Keep Investing in Nigeria Despite Harsh Economic Condition
In a diplomatic meeting held on Tuesday evening, United States Secretary of State Anthony Blinken advised the government led by President Bola Tinubu to prioritize the fight against corruption and create a more favorable environment for foreign investors to repatriate capital.
“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. Tackling corruption and making it easier for companies to repatriate capital” he said is essential for Nigeria to attract foreign investments.
Blinken, speaking to the press after his meeting with Tinubu at the State House in Abuja, emphasized the readiness of American entrepreneurs and companies to collaborate and invest in Nigeria, particularly in the thriving tech sector.
“We have tech giants that have teamed up with Nigerian partners to support 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 stated, highlighting the potential for joint efforts in driving Nigeria’s tech revolution.
Acknowledging the challenging business environment in Nigeria, Blinken addressed the need for a concerted effort to combat corruption and streamline procedures for companies to repatriate capital, stressing that these measures are crucial for Nigeria to attract foreign investments.
“Nigeria offers clear competitive opportunities for genuine investors. However, it is no secret that there remain long-term challenges to unlock its full potential,” Blinken added.
Since assuming office in May of last year, President Tinubu has consistently urged patience in allowing his policy reforms to take root. Notable among these changes are the termination of fuel subsidies and the liberalization of the naira currency, measures the government contends will attract more foreign investment, albeit with short-term austerity implications.
These initiatives have earned accolades from investors, recognizing their potential for long-term gains. However, they have also precipitated a significant depreciation of the naira against the dollar, exacerbating the longstanding challenge of foreign currency accessibility for international companies operating in Nigeria.
Addressing the potential hardships resulting from these reforms, Secretary of State Antony Blinken acknowledged that the impacts might be harsh on the population. Despite these challenges, Blinken assured that the United States remains committed to supporting Nigeria, working collaboratively to ease the transitional difficulties and provide assistance in navigating the economic adjustments.
