U.S. Consul General Reveals Dominance of American Incorporation in Nigerian Startups
In a groundbreaking revelation at the Global Tech Africa Conference in Lagos, the United States Consul General in Nigeria, Will Stevens, unveiled a staggering statistic: 80% of Nigerian startups are incorporated in the United States.
Stevens emphasized the pivotal role the U.S. plays in Africa’s digital landscape, with up to 60% of African startups being incorporated in the U.S. at the continental level.
Speaking on the increasing venture capital investments in African startups, Stevens highlighted that over 60% and 40% of venture capital funding in Nigeria and Africa, respectively, originates from the United States.
This robust financial support has contributed to the growth of the digital economy in the continent.Stevens underscored the active participation of U.S. private sector entities in advancing technology across various sectors of the African economy.
He noted that U.S. venture capital firms are heavily investing in African tech startups, with major players such as Techstars, Y-Combinator, and 500 closing over 100 significant deals in the first nine months of the year.
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The Consul General expressed pride in the collaborative efforts between the U.S. government and African partners, particularly in Nigeria.
He outlined initiatives aimed at leveraging technological innovations to address pressing challenges in education, healthcare, agriculture, and other vital developmental areas.
Stevens disclosed that the U.S. government is working closely with Nigerian partners to implement electronic health records systems, provide technology training for healthcare workers, and improve access to affordable medicines and vaccines.
Notably, Nigerian health technology companies like Healthbotics and Helium Health have capitalized on U.S. programs to develop groundbreaking technologies, enhancing healthcare systems for underserved communities.
Highlighting the U.S.’s commitment to Africa’s digital transformation, Stevens concluded by stating that the United States remains the largest single donor of bilateral aid to health in Nigeria, with funding exceeding $15 billion over the last two decades.
The U.S.-Africa startup/venture capital scene, according to Stevens, continues to be a crucial bilateral corridor, fostering mutually beneficial partnerships between the two regions.
