Lagos: U.S.-based investors continue to be the largest source of external capital for Nigeria’s burgeoning technology ecosystem, according to United States Consul General in Lagos, Mr. Brandon Hudspeth. Speaking at the GITEX Nigeria panel discussion titled ‘From Startup to Scale-Up: Building Globally Competitive Businesses through U.S.-Nigeria Partnerships,’ Hudspeth highlighted the significant role played by American investors over the past decade.
According to News Agency of Nigeria, Hudspeth stated that U.S. sourced funding currently accounts for approximately 60 percent of the external capital entering Nigeria’s tech sector. This investment is largely driven by major American companies and venture capital firms, which are supporting the rapid growth and innovation within the sector.
Hudspeth named several key contributors, including Visa, Google, Mastercard, Microsoft, Uber, and PayPal, as well as smaller venture capital firms. He expressed enthusiasm about the potential for stronger partnerships between Nigerian entrepreneurs and U.S. companies, which he believes will create jobs, enhance services, and contribute to mutual prosperity across the Atlantic.
Further, Hudspeth emphasized the role of U.S. companies in enhancing Nigeria’s tech talent pool, with firms like Google, Cisco, Meta, and Microsoft training hundreds of thousands in tech and AI sectors. The U.S. Consulate in Lagos remains committed to fostering these partnerships through initiatives like the U.S. Commercial Investment Partnership.
Hudspeth encouraged Nigerian entrepreneurs and U.S. technology companies to deepen their collaboration, developing innovative solutions and creating opportunities for shared prosperity. He expressed optimism that GITEX Nigeria would unearth new opportunities for investment and collaboration, potentially leading to the development of new unicorns on the African continent.
The panel, conducted in partnership with the American Business Council, included representatives from Amazon Web Services, All Talentz, DigitA, and IHS Towers, underscoring the collaborative spirit driving the future of Nigeria’s tech and digital landscape.