The United States of America Deputy Secretary of Treasury, Mr. Wally Adeyemo, has assured Nigeria that President Joe Biden is committed to a strong U.S.- Nigeria relationship that is built on shared values and mutual benefits.
In an address he read at the Lagos Business School, with the theme “U.S.- Nigeria Economic Relations: People, Entrepreneurship and Investment,” Mr. Adeyemo noted that Nigeria was in a critical moment where decisive actions by government and the determination and shared effort of the Nigerian people can create the changes needed to unlock the unrealised opportunity that abound in Africa’s most populous country.
According to the United States Deputy Secretary of the Treasury, the President Biden administration views Nigeria as an opportunity because of its large population of young workers and as Nigeria’s government has tried to make the country more attractive to foreign investors by easing currency controls and removing fuel subsidies, which have for years strained its public finances.
On how the United States can be partner in accelerating progress on economic reforms, Mr. Adeyemo, noted that with the right macroeconomic framework, Nigeria can be a destination of choice for foreign direct investment.
He noted that, the United States is one of the largest foreign investors in Nigeria and Nigeria stands as America’s second largest African trading partner while the U.S. government provided Nigeria with over $1 billion in assistance last year, helping to support Nigerians with access to health care and reducing food insecurity.
“In addition to our countries’ trade, the U.S. government provided Nigeria with over $1 billion in assistance last year, helping to support Nigerians with access to health care and reducing food insecurity.”
“There are many reasons why the United States is committed to this partnership – from our people-to-people relationships to our shared values to our common economic and security interests.”
Mr. Wally Adeyemo identified four economic reform priorities for Nigeria, which are, need for a stable Naira and unifying Nigeria’s foreign exchange rates will create the kind of macroeconomic stability that is essential to attracting foreign investment.
Secondly, the need for government to articulate and implement a fiscal strategy that will provide the resources to make critical investments, rooting out corruption and the perception of corruption in the business environment and finally, protecting the integrity of Nigeria’s financial system.
He said, President Biden’s administration is committed to taking steps in these key areas that are at the heart of long-term economic growth.
The Vice Chancellor, Pan-Atlantic University, and former Dean of Lagos Business School, Professor Enase Okonedo, said the Nigerian government needs to be consistent with the reforms being pursued presently especially on the unification of the Naira as well as other economic reforms.
“The US is interested in economic growth and economic development and as Nigeria’s second largest trading partner, the interest is shared to look for ways in which we can spurr economic growth taking into consideration to the various enablers in order to ensure that Nigeria realizes its economic potentials.” She said.
While in Nigeria, the United States Deputy Secretary of the Treasury, Wally Adeyemo, also plans to talk to Nigerian officials about tackling corruption and protecting the financial system from illicit finance risks as well as encourage Nigerian officials to continue to pursue ways of diversifying the economy away from its reliance on petroleum and embracing renewable energy.
Mr. Wally Adeyemo plans to meet with government officials and executives from the technology, entertainment and finance sectors as well as visit American companies that operate in Nigeria and a local project that had received financing from the U.S. government.
The visit of the United States Deputy Secretary of the Treasury, Wally Adeyemo, the highest-ranking Nigerian-American official and highest ranking member of African diaspora in the President Biden administration comes as President Bola Tinubu, embarks on reforms to revive the country’s ailing economy and months after President Biden had pledged to deepen the US’ involvement with Africa with an investment of more than $50 billion over the next three years.
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