US Secretary of State Antony Blinken delivers remarks during the inauguration of the American Corner Lekki in Lagos, Nigeria on January 24, 2024 (POOL/AFP/ANDREW CABALLERO-REYNOLDS)
US Secretary of State Antony Blinken expressed hope on Wednesday for an increase in US investment in Nigeria but asked Africa’s largest economy to reassure investors of the possibility of repatriating their funds.
After meeting Nigerian President Bola Tinubu on Tuesday in the capital Abuja, he went to the economic capital Lagos, a huge megacity of more than 20 million inhabitants, to visit a complex of IT startups and inaugurate a new space presenting the American technology.
He assured that Washington had a growing interest “in working with Nigeria, in investing in Nigeria, in establishing partnerships with Nigeria”, the continent’s demographic giant.
An entrepreneur presents a virtual reality project to US Secretary of State Antony Blinken (d) during the Digital Technologies Showcase in Lagos, Nigeria on January 24, 2024 (POOL/AFP/ANDREW CABALLERO-REYNOLDS)
But, he added, “there are still challenges to be overcome to ensure that the business climate is as welcoming as possible.”
He added that he had spoken with Nigerian leaders on several issues, “including the possibility of repatriating capital and the ongoing challenge of eradicating corruption.”
Foreign companies operating in Nigeria must indeed seek permission from the central bank to repatriate funds to their country.
Foreign airlines have complained of delays in accessing millions of dollars of profits blocked, according to them, in Nigeria.
The African giant’s foreign reserves have fallen in recent times due to the fall in global oil prices but also the drop in national production.
US Secretary of State Antony Blinken (l) and Nigerian President Bola Tinubu, January 23, 2024 in Abuja (POOL/AFP/ANDREW CABALLERO-REYNOLDS)
Mr. Blinken finally welcomed the “very bold economic reforms” of the new Nigerian president, even if “in the short term”, they were “painful” for the most vulnerable populations.
After Nigeria, an important partner of the United States in a region where more and more countries are turning away from the West, for the benefit of China or Russia, the American Secretary of State will visit Angola in the part of his African tour.
© 2024 AFP
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