The project being implemented by Manamuz Electric, a company, is run by Mandela Washington Fellow, Uzo Mbamalu.

Uzo is one of 12,000 Nigerians who have participated in U.S. government exchange programs.

https://twitter.com/TheFaridaYahya/status/1784179044868653188

Speaking virtually during the facility commissioning, recently. Stevens said, “It is so cool to see how Uzo used his 6-week exchange experience at the University of Nevada-Reno to forge connections that are now benefiting his local community”.

He recalled that since he returned to Nigeria in 2018, Uzo stayed in contact with the university’s college of business, leading them to provide technical and business advisory support to launch this project.

This Manamuz Electric project was further supported by a grant from the U.S. Africa Development Foundation.

“I would love to thank the project’s many public and private sector stakeholders, including the Enugu State Marketing Company, Enugu State Polytechnic Iwollo, and all the smallholder farmers, who have contributed to the success of this project.

It is estimated that Nigeria loses nearly $9 billion annually to post-harvest waste, due to inadequate cold storage, agro-processing, and transportation infrastructure.

“Solar-powered cold storage systems like the one we are commissioning today provide a reliable and cost-effective preservation option for agricultural stakeholders”, Stevens said.

In Nigeria, as in other emerging economies, infrastructure is critical to driving inclusive and sustainable economic growth and development.

Infrastructure connects workers to good jobs; allows businesses to grow and thrive, and creates opportunities for all segments of society, including underserved communities.

Speaking further, Stevens said that meeting infrastructure needs across Nigeria requires a wide range of public and private financing options.

“No one country can go it alone and that is why the United States is invested in Nigeria’s economic success through private sector engagement coupled with targeted government support.

“The solar-powered cold storage facility being commissioned today is just one example of how the U.S. government is partnering with federal and state government agencies and businesses to promote food security in Nigeria.

“Last month, alongside our partners in the Nigerian agricultural value chain, we launched the U.S. government’s Global Food Security Strategy Country Plan for Nigeria that aims to boost agriculture productivity and drive agriculture-led economic growth.

“In the last five years, the U.S. Agency for International Development, or USAID, has invested almost $200 million in agriculture to improve food security and build household resilience across Nigeria.

“Through the U.S. government’s Foreign Agricultural Service and African Development Foundation, we work with partners to develop new agricultural technologies, build trade capacity, and train farmers on how to use technology to improve their yields.

“Investment in farming equipment, food processing, and cold chain storage solutions not only improve Nigeria’s infrastructure but also create opportunities for U.S. businesses interested in the Nigerian market.

“This is a time of unprecedented opportunities.  Taking full advantage of these opportunities requires not only natural resources and human capital, but also a stable, transparent, and business-friendly regulatory and investment climate.

“When companies make decisions on where to do business around the world, they seek out those markets where the business environment is rules-based and predictable.

“We stand ready to partner with Nigeria to strengthen the institutions and regulatory frameworks that will make Nigeria an even more attractive place to do business.

Stevens added that he looks forward to seeing more Nigerian startups and businesses scale globally due to their partnership with the United States.

Will Stevens, U.S. Consul General, highlighted this in his keynote address on Thursday, February 29, 2024 at the Omniverse Summit in Lagos.

In his keynote themed: ‘The Role of Technology in Fostering International Collaboration in an Interconnected World’, re-echoed President Biden’s message that the United States wants to be working together with the nations of the African continent in equal partnership, especially to combat the challenges that face the entire world as “…no nation can do it alone”.

“As Secretary Blinken said it so eloquently: Africa shaped our past, it’s shaping our present, and it will define our future.

“And, I might add, no nation is having a bigger impact on the evolving digital transformation than Nigeria.  As Africa’s largest economy, largest democracy and number one destination for venture capital – Nigeria is driving innovation and creative solutions to the challenges that vex Nigerians, Africans and people across the world.  These innovative creators are reinforcing my deeply held belief that African solutions and African voices are critical and central to resolving the problems of the 21st century and beyond.

“The world is changing at an unprecedented pace, fueled by the relentless innovation from an increasingly interconnected world. In the past decade, global internet traffic has grown by 700%, and mobile phone users have surpassed 6.6 billion.  This increased connectivity creates boundless potential for cross-border collaboration – creating a global village where ideas can spark across oceans, and innovations can blossom through collective efforts.

“Imagine a world where researchers from across continents collaborate on groundbreaking medical discoveries, where engineers work together to tackle climate change, and where entrepreneurs share ideas and resources to build a more sustainable future.

“This is a present that we are already beginning to experience and a future that I am certain will mean a better world for our children and our children’s children.  Together, we are using the latest technological innovations to address some of the world’s most pressing challenges in the areas of climate change, education, healthcare, agriculture, and other vital areas of development and economic growth.

“However, building these bridges requires more than just technological prowess. We must overcome challenges like cultural and linguistic barriers, unequal access to resources, and cybersecurity concerns. These challenges are not insurmountable.

“By embracing inclusivity, bringing capital to markets that need infrastructure investment, and developing robust cybersecurity measures, we can pave the way for fruitful international partnerships.

“Together, I see that some of these challenges are already being addressed.  U.S. venture capital firms have invested heavily in African tech startups with over 60 and 40 percent of venture capital funding in Nigeria and Africa respectively coming from the United States.  Up to 60 percent of African startups are incorporated in the United States – this figure is 80 percent when considering Nigeria alone.

Statistics show that, in 2021, African startups raised $4.8 billion, this translates to an average of over $1 million every 2 hours.

Despite the global downturn in VC funding, the United States still accounted for about 40 percent of the $3.4 billion raised by African startups last year.

Still on Stevens’ keynote at the Omniverse Summit, he said, “Four months ago, President Biden issued a landmark Executive Order on Safe, Secure and Trustworthy Development and Use of AI that emphasized collaboration with countries all over the world to develop and use artificial intelligence in a responsible manner.

“Before that, in 2022, the Biden-Harris Administration developed the Digital Transformation with Africa (DTA) initiative that aims to build partnerships with African countries to expand digital access, increase U.S.-Africa commercial relations, support increased digital literacy, and strengthen digital enabling environments across the continent. This initiative emphasizes “with” – Digital Transformation “with” Africa, not “for” Africa; as we believe that Africa on its own brings tremendous value to the global table.

He said that Nigeria remains Africa’s largest economy and is the United States’ second-largest trading partner in Africa with two-way trade exceeding $10.6 billion in 2022.

The United States is proud to be one of the largest foreign investors in Nigeria with FDI totaling $5.6 billion in 2022.

There are over 80 U.S. companies operating in Nigeria, in manufacturing, fast-moving consumer goods, pharmaceuticals, technology, etc.

These companies collectively pay billions of naira in taxes, create thousands of direct and indirect jobs, and directly support various socioeconomic programs that improve the lives of Nigerians.

Will Stevens congratulated Obi Asika, Olamiposi Ekuma and the entire Omniverse team for oranising the Omniverse Summit.

The theme, “Africa’s Development and the Future of Tech: The U.S. Role,” underlined the impact of American technological investments on the continent.

Stevens stated, “U.S. technology companies operating in Africa play a crucial role in expanding the continent’s access to reliable and secure internet.” He highlighted the contributions of diaspora-led companies like MainOne and tech giants such as Google and Meta, stressing their investments of millions and strategic partnerships with governments to enhance internet infrastructure.

The Consul General underlined the significance of these efforts, noting, “Meta’s 2Africa cable – the largest subsea cable system in the world – is expected to land in 21 locations across 16 African countries, including Nigeria in Lagos and Akwa Ibom.” This cable is seen to become a big facilitator in enhancing internet connectivity in the region, strengthening U.S. companies’ objective to Africa’s technological advancement.

Will Stevens further delved into SpaceX’s role, stating, “Earlier 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.” This venture demonstrates the U.S.’s dedication to ensuring comprehensive internet access across the African continent.

Highlighting the collaborative spirit, Stevens revealed, “The U.S. Commerce Department works hand in hand with Nigerian companies to bring the latest U.S. technologies to Nigeria.” This collaborative approach extends beyond technology transfer, as the department facilitates an annual SelectUSA Investment Summit. Stevens expressed, “This summit includes special tracks, networks, and mentorship opportunities for tech and women-led startups who want to grow their business in the U.S.”

With U.S. investments and partnerships enhancing the technological growth of Africa, we see a future where connectivity is not just a luxury but a cornerstone of progress. 

Stevens’ address pointed to a new era of collaboration and innovation for both continents, encapsulating the essence of a shared technological journey.

Amidst the discussions, Will Stevens noted that 80% of Nigerian startups were incorporated in the United States, marking a significant trend in the dynamic tech sector.

As Consul General Will Stevens addressed the audience, he highlighted the non-static nature of Africa’s economies, especially Nigeria, which is a key market in the U.S. agenda for supporting the growth of the digital economy on the continent.

“Up to 60 percent of African startups are incorporated in the United States – this figure is 80 percent when considering Nigeria alone,” noted Will Stevens, emphasizing the deep and impactful connection between U.S. investors and the Nigerian startup sector. This statistic speaks volumes about the mutual interest and collaboration between the two nations in fostering innovation and economic growth.

The financial investment pouring into African tech startups is one that catches the interest of many. In 2021, African startups collectively raised $4.8 billion, translating to an average of over $1 million every 2 hours. Consul General Stevens pointed to the significance of U.S. venture capital firms, stating, “U.S. venture capital firms are investing heavily in African tech startups with over 60 and 40 percent of venture capital funding in Nigeria and Africa respectively coming from the United States.”

Despite the global decline in venture capital investments, U.S. investors, including Techstars, Y-Combinator, and 500, have closed over 100 major deals within the first 9 months of the year in 2023. This reaffirms the sustained interest and commitment from the U.S. in supporting the digital economy’s growth in Africa, with Nigeria positioned prominently on the radar.

The Consulate in Lagos is not just a spectator in this ecosystem but an active participant. Consul General Stevens shared, “At the Consulate here in Lagos, we work with numerous startups to facilitate their participation in incubator and accelerator programs, thereby connecting these Nigerian startups with global markets.” This collaborative effort extends beyond financial support, acting as a bridge that connects Nigerian innovation with international opportunities.

Beyond the financial figures and the promising trend of Nigerian startups incorporated in the U.S., Consul General Stevens highlighted the broader impact of these investments. “Startups are creating not only jobs – but careers, boosting economic growth, and advancing innovation,” he remarked. The positive ripple effects extend beyond mere economic indicators, embodying a solid force in the Nigerian tech sector.

While celebrating the successes achieved, Consul General Stevens acknowledged, “Despite all of these successes, we believe it is still Day 1 in the African tech sector.” This forward-looking perspective asserted the limitless potential for growth and collaboration, where the United States remains at the forefront in nurturing innovation and shaping the future of Nigeria’s tech sector.

The hybrid event highlighted the dynamism and potential of the Nigerian fintech sector, addressing critical issues such as resilience in the face of cybersecurity threats, innovation as the lifeblood of the industry, and diversification for long-term sustainability.

In a welcome address, Ade Bajomo, the President of FinTechNGR, explained that the Nigeria Fintech Week emerged as an opportunity to shed light on novel ideas, solutions, thought leadership, and products from Nigeria’s fintech ecosystem. 

The choice of the theme, “FinTechs: Resilience, Innovation, and Diversification,” was particularly fitting in a world marked by rapid socio-economic and political changes.

While Innovation remains the lifeblood of fintech, Ade Bajomo emphasized the programme’s commitment to pushing boundaries and improving customer experiences reflects the sector’s dynamism.

“Innovation is the lifeline of our ecosystem, probably its very basis for existence, driving financial inclusion, payments, customer experience, scales and competitiveness to unprecedented heights and today, I am really delighted to have so many of our fintech firms showcase their products in some 50 booths”

Diversifying product offerings and exploring strategic partnerships were encouraged to ensure long-term sustainability. Fintech firms looking to expand beyond Nigeria demonstrated the industry’s growth potential.

Despite economic challenges, Nigeria’s fintech sector continues to thrive, attracting substantial foreign investments. Opportunities for financial inclusion remain significant with millions of unbanked individuals.

“Fintech Global Research, as at Q2 2023, Nigeria attracted 42% share of the fintech deals in Africa, making it the most active destination on the continent. There are now some 250 active fintech firms and over 6,000 startups registered with various acceleration/incubation hubs and Financial Services Institutions.”

Exploring new sectors like AgriTech, InsurTech, and Blockchain adoption was encouraged. Nigeria aims to nurture the next generation of unicorns, driving socio-economic development. The vital role fintech played during the cashless period was recognized, ensuring economic stability and providing services to the last mile.

As the world embraces the 5th industrial revolution, Nigeria’s fintech sector is focusing on developing key verticals, addressing talent shortages, and reducing foreign exchange demands.

Philip Ikeazor, Deputy Governor, Financial System Stability (FSS), CBN, acknowledged the promotion of innovation in the fintech sector. However, he also highlighted the need for cautious consideration of regulatory and cybersecurity risks. In his analogy, he compared regulators to the “brake system” of a car, emphasizing the importance of regulatory oversight to ensure the industry’s safety and stability.

Regulation was a central theme of Ikeazor’s speech, reinforcing the critical role it plays in guiding the fintech industry and protecting consumers and the financial system.

Will Stevens, the U.S. Consul General, commended the fintech sector’s vital role in Nigeria’s economy and emphasized the sector’s strong ties to American businesses. Stevens encouraged Nigerian fintech companies to consider themselves as American companies and join the American Business Council, highlighting the advocacy, networking, and access to resources it provides.

Stevens pointed out the immense potential for networking within the fintech sector, drawing parallels between Nigerian fintech firms and major U.S. companies. He emphasized the value of partnership and mutual support between the U.S. and Nigerian fintech sectors, reflecting the Biden administration’s broader goals.

The Consul General also touched on the importance of fintech in advancing digital transformation, infrastructure investment, training initiatives, and climate-related efforts. He urged Nigerian fintech companies to think globally, highlighting the need for African solutions to global problems and international collaboration.

These addresses highlighted the need for a collaborative approach to address global challenges and promote innovation in the fintech sector.