The US Secretary of State, Antony Blinken, has expressed his country’s readiness to invest in Nigeria’s economy, especially in the tech sector, during his visit to Abuja on Tuesday.
Blinken, who met with President Bola Tinubu and other top officials, said that Nigeria offers clear and compelling opportunities for investors and that American entrepreneurs and companies are eager to partner with and invest in Nigeria’s tech startups.
In addition, he declared the opening of the Digital Transformation with Africa Initiative, a project designed to promote cooperation and innovation in the tech ecosystems of the US and Africa.
Read also: EU invests in African tech startups through Seedstars
Blinken restates US commitment.
Blinken lauded Nigeria’s leadership in the region and its importance as the US’s main ally in tackling the problems of security, democracy, and prosperity in Africa. He restated the US’s determination to assist Nigeria in its fight against human rights abuses, terrorism, and corruption.
In addition, he covered topics including health, education, and climate change, emphasising the necessity of communication and collaboration to further the shared goals and ideals of both nations.
Blinken’s visit, which was the first one by a US Secretary of State since 2015, was interpreted as evidence of the Biden administration’s renewed focus on and strategic alliance with Nigeria.
US partnership welcomed by Nigerian IT startups
Nigerian digital firms, which have recently seen unprecedented levels of investment and international attention, applauded Blinken’s visit and his pledge of US support. They conveyed their optimism that the US partnership and investment will enable them to grow their companies, provide employment, and address regional and worldwide issues.
Several Nigerian digital companies that praised Blinken’s visit and US funding pledge include:
– Flutterwave, a provider of payment technologies that ease international trade. Olugbenga Agboola, the company’s CEO, expressed his excitement at the US’s commitment to assisting Nigeria’s digital industry and his anticipation of working with US partners to expand Flutterwave’s impact.
– Paystack, a payment platform that Stripe purchased in 2020 for a reported $200 million. Shola Akinlade, one of its co-founders, expressed his admiration for Blinken’s acknowledgement of Nigeria’s significance as a regional leader and an important US ally in Africa. Additionally, he expressed his optimism that the US partnership and investment would enable Paystack and other Nigerian businesses to increase employment and improve the digital literacy of the country’s youth.
– In 2021, uLesson, an online learning platform, raised $7.5 million for Series A funding. Sim Shagaya, the initiative’s creator, expressed his encouragement at Blinken’s launch of the Digital Transformation with Africa Initiative and his belief that it will promote creativity and cooperation between the digital ecosystems in the US and Africa. Additionally, he expressed his expectation that the project would use the digital ecosystem and its components to empower women and other marginalised groups.
Nigeria primed to see development and impact in its IT sector.
Nigeria’s IT industry is anticipated to expand in 2022 as new companies open up, more investors join the market, and more ecosystem-supporting projects are introduced. Nigerian digital firms are expected to reach greater heights and make a bigger impact in the upcoming years, especially with the US as a powerful ally and prospective market.
About Digital Transformation Initiative in Africa
President Biden of the United States introduced the Digital Transformation with Africa Initiative (DTA) in December 2022 as a programme to encourage digital innovation and development in Africa. In accordance with the U.S. Strategy Towards Sub-Saharan Africa and the African Union’s Digital Transformation Strategy, the initiative seeks to spend over $350 million and enable over $450 million in funding for Africa.
The three main pillars of the programme are the development of human capital, the digital enabling environment, and the digital economy and infrastructure. The programme aims to increase digital knowledge and access, fortify digital laws and policies, promote digital entrepreneurship and skills, and ease investment and trade in Africa’s digital economy. The programme also seeks to use the digital ecosystem to empower women and other marginalised groups. The commercial sector, educational institutions, expatriate groups, and the governments of the US and Africa have joined forces to create the programme.
