“United States stands ready and eager to partner with the Nigerian people and government”…Wally Adeyemo
The U.S. Deputy Secretary of the Treasury, Wally Adeyemo says, President Joe Biden is committed to a strong U.S.-Nigeria relationship built on shared values and mutual benefit.
The Nigerian-American official who was in the country to highlight the economic and cultural ties between the two countries emphasized that, the current U.S Administration recognizes that Nigeria economic success is not only important to the approximately 200 million people who call Nigeria home; it is important to the region, the continent, and the global economy.
Speaking at the Lagos Business School in Lekki-Ajah, the U.S Deputy Secretary listed some steps needed for growth to create economic opportunity for the Nigerian people.
One of these steps is the stability of the naira which he said, if achieved would attract foreign investments and commended the government for the difficult steps thus far taken to achieve this goal.
“Unifying Nigeria’s foreign exchange rates will create the kind of macroeconomic stability that is essential to attracting foreign investment. The path to unification is not easy, but going backwards would be even worse”.
According to him, the need for government to articulate and implement a fiscal strategy that will provide the resources to make critical investments is also key.
He noted that, the decision to end fuel subsidies is hard for many Nigerian households, but it was an important early step to create resources the government can use to invest in physical and digital infrastructure, education, and a strong small business environment.
Rooting out corruption and the perception of corruption in the business environment was stressed.
Adeyemo acknowledged that the Nigerian people are willing to make sacrifices in the service of progress but have a legitimate fear that corruption and mismanagement will dash their hopes that the benefits of these reforms will enrich the people rather than the powerful.
“For example, Nigeria is a hotbed for digital entrepreneurship. Taking simple steps like moving government functions online, so Nigerians can apply for business licenses and visas using their smart phones and computers will help improve services and reduce opportunities for fees to go into pockets rather than government coffers”.
He however noted that, the Tinubu led government also has the ability to fight skepticism by making reforms that will allow the Nigerian people to better understand how federal, state, and local resources are being used.
The US Deputy Secretary harped on protecting the integrity of Nigeria’s financial system, saying, taking steps to make the banking system more secure will help reduce the ability of criminals, terrorists, and others to illicitly use the Nigerian financial system.
“The cowardly kidnapper, corrupt official, and fraudster all are seeking to launder their money”.
“Your government is pursuing difficult and bold reforms. Your businesses and founders are bursting with ambition and new ideas. And the United States looks forward to being a partner as you build an economy that works for all Nigerians”, he added.
