The United States Deputy Treasury Secretary, Wally Adeyemo, emphasized the significance of Nigeria’s economic future to the United States and offered advice on how Nigeria can attract more foreign direct investment (FDI) for nation-building and development.
In an exclusive interview with ARISE NEWS, Adeyemo made it clear that the U.S. was not in Nigeria to counter the influence of other nations, such as China, but because of the pivotal role Nigeria plays in Africa’s economic and strategic future, which is crucial to both the U.S. and the world.
He emphasized the long-standing bonds between the U.S. and Africa, including people-to-people relationships, and stated, “Our government is here, not because we’re looking to counter another government but because we know that ultimately the economic future of Africa is critically important to us and especially Nigeria as Africa’s largest country.”
Addressing ways Nigeria can attract more foreign investment, Adeyemo highlighted the importance of investing in the oil and gas industry and the broader energy sector. He noted that Nigeria was underproducing oil due to underinvestment and stressed the need for a supportive macroeconomic framework to attract FDI.
In addition to traditional energy sources, Adeyemo encouraged the development of clean energy, including solar panels, as a means to reduce reliance on generators. The U.S. has invested significantly in solar energy projects in Nigeria.
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Adeyemo praised the Nigerian government’s efforts to attract foreign investment but emphasized the need for further reforms to stabilize the energy sector and promote global growth.
Regarding attracting foreign franchises and chains, Adeyemo emphasized the importance of investing in Nigeria’s talented workforce. He commended the government’s steps to unify the exchange rate and end fuel subsidies but urged further investment in infrastructure, digital and fiscal infrastructure, education, and power.
Transparency and a clear agenda for economic reforms were highlighted as essential factors to foster an environment conducive to business, both for local and international companies.
Also during an address at the Lagos Business School (LBS), titled “U.S.- Nigeria Economic Relations: People, Entrepreneurship and Investment,” Adeyemo identified four reform priorities for Nigeria:
- Stable Naira: Adeyemo stressed the importance of unifying Nigeria’s foreign exchange rates to create macroeconomic stability and attract foreign investment.
- Fiscal Strategy: He called for the articulation and implementation of a fiscal strategy that provides the necessary resources for critical investments.
- Corruption Eradication: Adeyemo emphasized the need to root out corruption and address the perception of corruption in the business environment.
- Financial System Integrity: The integrity of Nigeria’s financial system was highlighted as a critical aspect of attracting foreign investment.
In his presentation, Adeyemo commended the administration of President Bola Ahmed Tinubu for making tough but necessary decisions to provide resources for investment and infrastructure in Nigeria.
The U.S. Deputy Treasury Secretary’s visit underscores the U.S.’s commitment to deepening economic relations with Nigeria and its belief in Nigeria’s potential to drive economic growth in Africa.