US Promises Support For Nigeria’s Economic Growth

Adewale “Wally” Adeyemo, the United States Deputy Treasury Secretary, delivered a compelling message of support to Nigeria on Monday, emphasizing the Biden administration’s dedication to aiding Africa’s largest economy in safeguarding foreign investments and fostering robust economic opportunities.

Addressing a gathering at the Lagos Business School, Adeyemo outlined essential measures for Nigeria’s sustainable growth, emphasizing the significance of digital infrastructure, improved macroeconomics, and a conducive economic environment in attracting foreign investments.

In his own words, he stated, “First, Nigeria needs a stable naira. Unifying Nigeria’s foreign exchange rate will also create the kind of macroeconomic stability that is essential to attracting foreign investment. We commend the difficult steps your government has already taken to accomplish this goal. The path to unification is not an easy one, as everyone is experiencing, but going backward would be even worse.”

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Adeyemo recognized the challenges faced by Nigerian households due to the decision to end fuel subsidies but underscored its importance in generating resources for crucial investments in infrastructure, education, and small businesses.

He particularly emphasized the agricultural sector, calling for improved access to fertilizers, advanced technology, water, land, and credit facilities to unlock its full potential.

Addressing the issue of corruption, Adeyemo stressed the importance of eradicating corruption and its negative perception within the business environment.

He called for a government-wide commitment to transparency and accountability, saying: “Nigeria is a hotbed for digital entrepreneurs taking simple steps by moving government functions online, so Nigerians can apply for business licenses and visas using their smartphones and computers, helping improve service productivity and reducing opportunities for fees to go to individuals rather than government coffers.”

Furthermore, Adeyemo highlighted the critical role of a secure financial system in sustaining economic growth, stating, “The cowardly kidnapper, corrupt official, and fraudster all are seeking to launder their money. Taking steps to make your banking system more secure will help reduce the ability of criminals, terrorists, and others to illicitly use the Nigerian financial system.”

Commending the leadership of President Bola Tinubu, Adeyemo affirmed the U.S. government’s commitment to partnering with the Financial Action Task Force to combat money laundering and terrorist financing in Nigeria.

He concluded by reiterating the Biden administration’s dedication to strengthening the relationship between the United States and Nigeria.