Will Stevens, the United States Consul General in Nigeria, revealed that eighty percent of Nigerian businesses are incorporated in the United States, emphasising the country’s crucial role in the digital space of Africa.
On Friday, during the Global Tech Africa Conference in Lagos, Stevens revealed this. According to him, the rise in venture capital investments in Africa’s startups may be attributed to the fact that as many as 60 percent of the continent’s firms are incorporated in the United States.
He claims that the private sector in the United States is crucial in advancing technology throughout Africa’s economic landscape.
He stated that U.S. venture capital companies are investing extensively in African digital businesses with over 60 and 40% of venture capital financing in Nigeria and Africa respectively coming from the United States.
Forming a Company and Raising Money
The Consul General emphasised the importance of the American private sector to Africa’s innovation environment.
“As much as 60% of African companies are incorporated in the United States; in Nigeria, that number rises to 80%. Over $1 million was invested in African companies every 2 hours in 2021, raising a total of $4.8 billion. Over $2 billion was invested in African companies in 2022, with over 40% of it coming from the United States. Despite a worldwide downturn in venture capital investments this year, leading U.S. investors such as Techstars, Y-Combinator, and 500 have completed more than a hundred large acquisitions so far in 2015.”
Will Stevens, The US Consul General in Nigeria
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These statistics show that we are committed to fostering the development of Africa’s digital economy, with a particular focus on Nigeria as a vital market. As a whole, the U.S.-Africa startup/venture capital sector continues to be an extremely significant mutually advantageous bilateral gateway. He went on to say, “Here at the Consulate in Lagos, we work with a lot of startups to help them get into incubator and accelerator programmes, which helps us connect these Nigerian startups to international markets.”
Investment in Africa’s Technology
Stevens reaffirmed the U.S. government’s dedication to advancing technology in Africa, saying that cutting-edge tools are being put to use to solve problems in key sectors like education, healthcare, agriculture, and economic growth.
He went into detail on how the United States is collaborating with Nigerian partners to improve healthcare in the country by creating electronic health records systems, teaching medical professionals to better use technology in patient care, and making sure everyone in Nigeria has access to low-cost medications and vaccines.
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We’ve helped firms like Healthbotics and Helium Health in Nigeria get access to the U.S. market, where they can test and refine their innovations for the benefit of Nigeria’s underserved populations. With over $15 billion donated over the past two decades, the United States is by far the largest single donor of bilateral aid to health in Nigeria, supporting primary healthcare initiatives, water and sanitation initiatives, infection prevention and control, malaria, HIV/AIDS, and general health assistance.
He stated that the United States feels that a digital revolution is ongoing in Africa, consequently, it is intentionally striving to boost its partnership with individuals working in the digital area.
