November 19, (THEWILL) – United States Consul- General in Lagos, Nigeria, Will Stevens, has said, that the US remains the largest single donor of bilateral aid to health in Nigeria, providing funding for primary healthcare programmes, water and sanitation activities, infection prevention and control, malaria, HIV/AIDS, and general health assistance totalling over $15 billion in the last 20 years.
Stevens gave hints in his keynote address at the Global Tech Africa Conference held November 17 in Lagos with the theme: ‘Africa’s Development and the Future of Tech: The U.S. Role’.
He said: “In healthcare, we are working with Nigerian partners to develop electronic health records systems, train healthcare workers on how to use technology to deliver care and provide Nigerians with access to affordable medicines and vaccines. Nigerian health technology companies, such as; Health Botics and Helium Health have leveraged our programs and access to the United States, to develop genius technologies that improve the overall healthcare system for underserved communities in Nigeria”.
In agriculture, the consul-general pointed out that the United States is supporting African efforts to improve agricultural productivity, trade, and food security.
He said that through the US Foreign Agricultural Service and the US African Development Foundation, they work with partners to develop new agricultural technologies, build trade capacity, and train farmers to use technology to improve their yields.
“Initiatives and programs such as the African Growth and Opportunity Act (AGOA), improve economic relations between the United States and the region by allowing duty-free exports of over 1,800 locally sourced items, while programs such as the USAID funded Feed The Future (FTF), are part of our numerous agricultural programs that are helping to improve bilateral trade and investment, provide quality plant seedlings and other agricultural inputs to farmers in West Africa,” he said.
According to him, the US private sector also plays a vital role in promoting technology in all sectors. US venture capital firms are investing heavily in African tech startups, with over 60 and 40 per cent of venture capital funding in Nigeria and Africa respectively coming from the United States.
“Up to 60 per cent of African startups are incorporated in the United States – this figure is 80 per cent when considering Nigeria alone. In 2021, African startups raised $4.8 billion, this translates to an average of over $1 million every two hours!
“The United States accounted for over 40 percent of Africa’s VC funding in 2022 with over $2 billion injected into local startups. This year, while VC investments are globally on a decline, US investors, like Techstars, Y-Combinator, and 500 have closed over 100 major deals within the first nine months of the year.
“By these numbers, it is indicative we have a strong interest in supporting the growth of the digital economy of the continent and clearly, Nigeria is a key market. As a whole, the US-Africa startup/venture capital scene continues to be an immensely important mutually beneficial bilateral corridor. At the Consulate here in Lagos, we work with numerous startups to facilitate their participation in incubator and accelerator programmes, thereby connecting these Nigerian startups with startups in global markets.
“Beyond these staggering investment figures, the Envoy hinted that US investments in African startups are positively impacting the continent, stressing that startups are creating not only jobs but careers, boosting economic growth, and advancing innovation.
“Despite all of these successes, we believe it is still Day 1 in the African tech sector. US technology companies, operating in Africa also play a crucial role in expanding the continent’s access to reliable and secure internet. Diaspora-led companies such as “MainOne and other US technology companies like Google and Meta have invested millions and partnered with governments to land undersea cables to bring internet speeds of up to 180 terabits per second to Africa.
“Meta’s 2Africa cable – the largest subsea cable system in the world, with landings in Asia and Europe, is expected to land in 21 locations across 16 African countries including Nigeria in Lagos and Akwa Ibom. Early this year, SpaceX launched Starlink in Africa. Today, 7 countries have received the low earth orbit satellite-based Internet access service, with an additional 25 countries targeted by the end of 2024.
“The US Commerce Department works hand in hand with Nigerian companies to bring the latest US technologies to Nigeria. The Commerce Department also brings Nigerian investors to the US every year for the annual SelectUSA Investment Summit, which includes special tracks, networks, and mentorship opportunities for tech and women-led tech startups who want to grow their business in the US”, Stevens added.
About the Author
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
