By Emmanuel Enitan
The United States has expressed plans to deepen investment partnerships with Nigerian technology entrepreneurs, as U.S.-based investors emerge as the largest source of external capital flowing into the country’s technology ecosystem.
The U.S. Consul General in Lagos, Brandon Hudspeth, disclosed this at the GITEX Nigeria panel discussion titled, “From Startup to Scale-Up: Building Globally Competitive Businesses through U.S.-Nigeria Partnerships,” where he said there was significant room for American companies and Nigerian founders to expand existing investment relationships.
According to Hudspeth, U.S.-based investors currently account for about 60 per cent of external capital entering Nigeria’s technology ecosystem, underscoring the growing importance of American venture capital and corporate investment to the development of the country’s digital economy.
He said U.S. investment had remained the largest source of external capital for Nigeria’s technology sector over the past decade, with funding coming from major American companies as well as venture capital firms backing Nigerian startups and innovative businesses.
Hudspeth identified companies including Visa, Google, Mastercard, Microsoft, Uber and PayPal among American businesses that have contributed to Nigeria’s technology ecosystem, alongside a growing number of U.S.-based venture capital investors.
He said the scale of existing investment demonstrated the potential for stronger commercial partnerships between Nigerian entrepreneurs and U.S. businesses, particularly as local startups move from early-stage ventures into companies capable of competing in international markets.
“For the past 10 years, U.S.-based investors have consistently been the largest source of external capital in the Nigerian tech ecosystem,” Hudspeth said.
He added that the objective should go beyond attracting capital to building sustainable commercial relationships capable of creating jobs, expanding services and generating economic value in both countries.
“I know that there is a collaboration that will bring prosperity on both sides of the Atlantic, create jobs on both sides of the Atlantic and deliver services on both sides of the Atlantic,” he said.
The renewed U.S. interest comes at a time when Nigeria is seeking to strengthen its technology and creative industries as alternative engines of economic growth, while startups continue to face challenges around access to long-term capital, infrastructure, market expansion and international partnerships.
Industry observers have increasingly argued that the next phase of Nigeria’s technology ecosystem would depend not merely on the volume of venture capital raised, but on the ability of startups to
