Advises Nigeria On Economic Growth
The United States (U.S.) President, Joe Biden, has said that his government is committed to a strong U.S.-Nigeria relationship built on shared values and mutual benefit, and advises critical steps to sustain the foreign investments of Africa’s biggest economy.
BrandSpur Nigeria reports that the United States Deputy Secretary of Treasury, Adewale “Wally” Adeyemo, who noted this in his remarks at the Lagos Business School on Monday during a visit to Nigeria, said that the Biden administration recognizes that Nigeria’s “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. “Nigeria is, as you know, the largest economy in Africa and will be the fourth most populous country in the world by 2050.”
Adeyemo, who represented President Biden and the United States government said that Nigeria’s “economic and social impact can be felt well beyond the borders with a Diaspora that has spread across the world, bringing with them the unbounded creativity and innovation that is found in every city and village.”
He added: “As a child of the Diaspora, I am humbled to be standing here in front of you as the U.S. Deputy Secretary of the Treasury.
“More than four decades ago, my parents left a very different Nigeria to get an education in search of opportunity for their young family. They raised us with a deep and abiding love for Nigerian culture and the struggles of a people that fought to be free of colonialism and the yolk of dictatorship.
“A people filled with so much potential but with too few opportunities. Adeyemo added: “I am here to talk about how the United States can be your partner in accelerating progress on the economic reforms.
“I am here because we know that a strong and prosperous Nigeria is not only good for you, it is also good for the United States of America. I am here because unlocking Nigeria’s economic success can transform an entire continent.”
Talking about specific areas where the U.S. government is keen to partner Nigeria, Adeyemo said: “Our countries have enjoyed a decades-long relationship that has only grown since democracy returned to Nigeria in 1999.
“The heart of this relationship is people. America is home to over half a million Nigerian-born American citizens and permanent residents. This vast Diaspora community brings rich culture, a penchant for entrepreneurship, and wide-ranging economic and social contributions.
“Thousands of Nigerians study each year in the United States, including through educational exchanges like the Fulbright and Humphrey fellowship programs and the Mandela Washington Fellowship that seeks to foster the next generation of young African leaders.
“Thousands of United States citizens call Nigeria home. We also have a number of American companies from different sectors that have made significant investments in Nigeria, from Google to General Electric.
“Today, the United States is one of the largest foreign investors in Nigeria and Nigeria stands as America’s second largest African trading partner. 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.”
Adewale “Wally” Adeyemo’s Remark About Nigeria
Adeyemo, who remarked that Nigeria is also blessed with an array of natural resources and innovative companies, added: “It is clear from my conversations with investors and foreign companies that they are eager to invest in Nigeria to help grow a diversified economy that can meet your needs.
“We know that with the right macroeconomic framework, Nigeria can be a destination of choice for foreign direct investment. While demographics and capital can fuel a Nigerian economic boom, small and medium-sized enterprises will sustain your growth.
“There are more than 40 million micro, small, and medium-sized businesses in the country, which employ more than 80 percent of Nigerians. These businesses represent the beating heart of the Nigerian economy. In order for these businesses to thrive, they need government policy to go from being the problem to providing solutions.”