US Seeks Increased Investments to Develop Young Nigerians’ Talents

•Says they are assets to solve Africa, world’s challenges

•America’s govt declares its official’s visit to Nigeria underscores strong US-Nigeria trade, investment ties

Emmanuel Addeh in Abuja and Dike Onwuamaeze in Lagos

The United States Deputy Assistant Secretary of State for African Affairs, Ms. Joy Basu, has called for investments that would develop the talents of Nigerian young population that she described as an asset to Africa and the world. 

Basu, made this call last weekend when she spoke with the press in Lagos during her visit to Vibranium Valley Tech City, Ikeja, where she participated in a panel discussion on “Empowering Youth: Opportunities in Entrepreneurship and Innovation.” Other members of the panel were Nigerian tech entrepreneurs, the Co-founder/Chief Executive Officer of Eazipay, Mr. Asher Adeniyi and Co-founder/Chief Operating Officer of Oncopadi Technologies Limited, Dr. Adaorah Enyi.

Basu also said President Joe Biden’s administration was committed to fostering gender equity and that one of her engagements was meeting with women entrepreneurs in Lagos.

She said: “The talent in this country is incredible. Not only is the population so young but it is so smart, so hardworking and so talented. 

“And we need their intellect, their talents and their brilliance to solve not only Nigeria’s problems but those of Africa and the rest of the world.

“Looking at the challenges that we have in climate change and health, we cannot afford to leave these resources unrefined not just to benefit of Nigeria but to the benefit of our world?

“We cannot tackle the continents challenges without Africans as partners and Nigeria’s youth have to be a part of that. We have to build a better world than the one we are inheriting and for that I get so much hope from this population.”

Speaking on how crucial it was to support young people as entrepreneurs and innovators in Nigeria, the deputy assistant Secretary of State, said during the panel session that, “there is no doubt in my mind that Nigeria’s greatest resource is its people,” but we have to “make sure that those talents are developed and given the opportunity.

“If we do not enable Nigeria develop the talents of its youth they will turn a great disaster or a liability.”

Basu, also said widening access to finance and opportunities for women was a great priority for the United States of America.

She said: “Increasing access to funding to the underserved communities, particularly women is a challenge in Nigeria and most of our programs are focused on how to alleviate it through our African entrepreneurial programs and tech women.

“We realised that you have incredible diversity of talents and often times the group that is left outside may be the ones that actually have solutions for these communities.

“The Biden’s administration is committed to gender equity. My first meeting today (Friday) is with women entrepreneurs here in Lagos. That is a priority to the President Biden’s administration.”

Adaorah, who is a community physician and digital healthcare innovator and a member of the 2022 TechWomen Fellowship’s training and mentorship program sponsored by the United States’ government, said during the panel discussion that the key elements for starting an enterprise in Nigeria included knowledge of the local industry, understanding of the local market and how it operates and ensuring that you are building systems that are aligned with things that are relevant in Nigeria.

“I know that I understand the medical industry very well and that is why I am very comfortable playing within the health space,” Enyi said.

Another panelist, Adeniyi, who is a recipient of the Mandela Washington Fellowship Award by the United States’ government for Young African Business Leaders, said that anyone hoping to go into the fintech space in Nigeria must first understand its economics very well otherwise that person would likely burn other peoples’ money and crash out.

“The second thing is being humble to learn, having reliable partners and connections in the banking industry and personal integrity because you are going to work with banks,” he said.

Basu, visited Abuja and Lagos to discuss specific improvements to the business enabling environment, affirm positive economic reforms made by the Bola Tinubu’s administration, advocate for U.S. businesses seeking to invest in Nigeria, and highlight opportunities to deepen U.S.-Nigeria two-way trade. Basu oversees Economic and Regional Affairs in the Department of State’s Bureau of African Affairs.

“We are building upon the rich connections that exist between our countries – our companies, our entrepreneurs, and our people – to co-create solutions to our common challenges,” Basu said.

“We look forward to working together to discover and deliver better ways forward, not only for the people of Nigeria and America, but also for communities around the world.”