Visiting United States (US) Secretary of State Antony Blinken has asked Nigeria to tackle economic and financial barriers such as corruption and difficulty in repatriating profits which have dampened the business climate for American companies looking to invest in Africa’s largest economy.
He told State House correspondents after meeting with President Bola Tinubu at the Presidential Villa yesterday that the US is eager to partner with and invest in Nigeria’s dynamic private sector, especially in technology and entrepreneurship.
In a press briefing alongside Nigeria’s foreign affairs minister, Yusuf Tuggar, Blinken praised Nigeria’s economic potential but said “long-term challenges need to be overcome to really unlock the full potential.”
However, Blinken noted that corruption remains a major obstacle, saying “companies that come in and invest, want to make sure that they’re going to be investing with a fair and level playing field.”
He also cited difficulty repatriating capital as an impediment to investment that Nigeria’s government should address.
“This one is what I’m hearing. What I’ve seen is very real interest in work with here in Nigeria investment here in Nigeria partnered with Nigeria.
“And in so doing, create, create new jobs, new opportunities, and even new industries. This is a big focus of our binational position in the work that I mentioned as well as there remain some impediment systems.
“We hear from our own business community. That I think is the standard way of maximising those opportunities. One is that the repatriation of capital is important.
“I know the central bank governor is building 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 and level playing field.
“And Corruption, of course, is a big impediment. So having said all of that, but I do think we’re seeing a little bit when we had the Africa leader Summit hosted by President Biden.
“One of the commitments we made was to generate an additional $55 billion in the private sector investment in Africa over the next few years. Well, here we are one year after the signing, and we are 40% of the way to achieving that goal.
“By the end like two years after the summit, based on the trajectory we’re on now.
“We’ll be at 70 percent of that goal, and we will achieve the goal in the three years President Biden setup that’s just one important manifestation, not only of our commitment to generating private sector investment.
Blinken emphasized the importance of the U.S.-Nigeria relationship and said Nigeria is “essential” to U.S. efforts in Africa.
Blinken highlighted areas of cooperation between the two countries, including on climate action, blue economic development, science and technology exchange, and public health.
He commended Nigeria’s progress in responding to HIV, COVID-19 and other diseases.
Blinken said the US is determined to be a security partner for Nigeria and the Lake Chad region.
He said the US will provide security assistance through military training, equipment transfers, intelligence sharing and comprehensive approaches focusing on local communities.
Overall, Blinken characterized this as a consequential time for the U.S.-Nigeria partnership.
He said the two countries are increasingly focused not only on bilateral issues but on addressing regional and global challenges together.
Blinken outlined the Biden administration’s principles regarding the Gaza Strip .
Blinken stated the US opposes any changes to Gaza’s territory or displacement of people from the area.
He reaffirmed American support for “maintaining effective territorial integrity” between Gaza and the West Bank.
“We’ve been very clear about opposing any formal change to Gaza’s territory configuration,” Blinken said.
He indicated the US believes there could be a role for “transitional arrangements” as Israel draws down military operations in Gaza.
On his part, Nigerian foreign minister Yussuf Tuggar emphasised “commonalities” between the two countries in supporting a two-state solution.
Tuggar acknowledged Nigeria has been “very expressive” in criticizing Israeli military actions in Gaza.
“It’s not surprising that Nigeria, of course, has been very expressive.
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