U.S. Deputy Treasury Secretary Wally Adeyemo has urged the Nigerian government to stabilise the naira and fight corruption to unlock what he called “the type of growth that creates economic opportunity for the Nigerian people.”
Adeyemo, the highest-ranking member of the African diaspora in President Joe Biden’s administration, who is on a trip to Nigeria, said this on Monday during his visit to Lagos Business School.
He delivered an economic policy speech titled ‘U.S.–Nigeria Economic Relations: People, Entrepreneurship, and Investment.’
The Deputy Secretary is in Nigeria to strengthen economic ties between the U.S. and Africa’s largest economy.
On the need for a stable currency, Adeyemo said, “Unifying Nigeria’s foreign exchange rates will 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 easy, but going backwards would be even worse.”
“I know 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,” he said, speaking on the need to root out corruption.
“Creating economic opportunity will require a government-driven effort that addresses these fears by shining a light on corruption, holding people accountable, and taking meaningful steps to improve the business climate.”
Adeyemo also said Nigeria could attract more foreign investments if it invests more in digital infrastructure, education, a strong small business environment and agriculture.
“The government needs to articulate and implement a fiscal strategy that will provide the resources to make critical investments. I recognise 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.
“The need for economic reform does not demand indifference to the pain caused by this transition. This is why partners like the World Bank and African Development Bank are committed to working with your government to provide resources and advice to help smooth this transition for the Nigerian people.”
He further called for steps to make Nigerian banks more secure to prevent “criminals, terrorists, and others” from laundering money through the financial system. “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,” he noted.
Adeyemo said the US government stands ready to help President Bola Tinubu build an economy that works for all Nigerians as his government pursues “difficult and bold reforms.”
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