Blinken lauds Tinubu’s ‘bold’ reforms

The Nigerian President, Bola Ahmed Tinubu on Tuesday held bilateral talks in Abuja with the visiting United States Secretary of State, Antony Blinken.

Speaking after the meeting, Blinken lauded bold economic reforms embarked upon by the President since he assumed office on May 29, 2023.

Addressing journalists in company of Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, the U.S. Secretary of State welcomed President Tinubu’s “bold reforms to unify the currency and end fuel subsidy.”

“Nigeria offers real opportunities for investors at the same time I think it’s no secret that there remains long term challenges that need to be removed to be able to really unlock the full potential, making it easier for foreign companies to repatriate capital.

“There remains some impediments that we hear from our own business community that I think stand in the way of maximizing those opportunities.

“One is the repatriation of capital. I know that the Central Bank governor is working 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 level playing field and corruption, of course, is a big impediment event,” he said.

Blinken stressed his country’s commitment to strengthen genuine partner with countries in Africa to solve shared challenges.

The U.S. Secretary of State explained that the bilateral meeting with President Tinubu dwelt on a range of common priorities, including his country’s focus on accelerating economic growth and opportunity in Nigeria.

“This is a place of extraordinary innovation, extraordinary dynamism. I’ve had the opportunity to visit many times over the years. I’ve seen that each and every time and I expect to see more of that latest tomorrow.

“American entrepreneurs, American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector.

“We have tech giants that are teamed up with Nigerian partners to help the president’s new one million digital jobs Initiative. Other companies are part of work laying undersea cables, using satellite technology to expand access to the internet. Our tech incubators are fostering Nigeria’s next startups.

“Our venture capital companies are working to finance, so we want to work in partnership to help drive Nigeria’s technological revolution, which is creating jobs.

It’s growing businesses, and it’s growing innovations in both of our countries.

“Because one of the things we’ve learned from these partnerships is that it benefits us as much as any place or any company that we’re investing. We’re learning a lot from we’re getting a lot.

“And one of the initiatives that President Biden laid out the digital transformation with Africa Initiative, we see it as particularly energized and triggered focus for us.

“Now, Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it’s no secret that there remains some long term challenges that need to be overcome, to really unlock the full potential, 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,” Blinken said.

Noting the cooperation between the U.S. and Nigeria, Blinken said: “Nigeria, as Africa’s largest country, largest economy, largest democracy is essential to that effort. And we are doing a lot of work together already.

Speaking, Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, said the bilateral talk discussed issues such as food security, agriculture, pharmaceuticals and security in the sub-region, noting that the discussions were fruitful.

Blinken, who arrived Nigeria as part of his four-nation African tour, will be in Lagos for engagements scheduled for Wednesday and expected to depart Nigeria for Angola on Wednesday night.

The senior U.S. official is visiting Tinubu for the first time since the latter assumed the Presidency eight months ago and his second visit to the seat of power since November 2021 when he met President Muhammadu Buhari.