In 2023, funding for African startups fell by 40% compared to 2022 with all African technology ecosystems being affected, especially Nigeria.

U.S. Secretary of State Antony Blinken (photo, left) pledged a strong partnership with Nigeria's burgeoning tech sector during a Tuesday meeting with President Bola Tinubu, expressing American firms' eagerness to invest and collaborate.

Nigeria "is a place of extraordinary innovation and dynamism," Blinken said at the State House in Abuja. "I've seen that each and every time, and I expect to see more of that in Lagos tomorrow."

Blinken's remarks underscore the growing interest from U.S. tech giants and venture capitalists in Nigeria's vibrant startup ecosystem, one of the most promising on the continent. According to CB Insights, Nigerian startups raised $224 million in 2023 alone, following a $531 million haul in 2022 and exceeding $1 billion in 2021.

"American entrepreneurs and companies are eager to partner with and invest in Nigeria's economy, particularly in the tech sector," Blinken emphasized. "Our venture capital companies are working to finance them. We want to work in partnership to help drive Nigeria's technological revolution."

He further highlighted the potential for mutual benefit, stating: "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 in."

Adoni Conrad Quenum