‘same values’

The US Deputy Secretary of Treasury, Wally Adeyemo, pointed to unstable naira and corruption as some of the issues impeding Nigeria’s economic growth.

Nigeria remains a top destination for US investors but key economic reforms remain necessary to unlock the investment potential between both countries, Deputy Secretary of Treasury Wally Adeyemo has said.

“American businesses want to be engaged in Nigeria,” the US official told a group of selected journalists in Lagos on Tuesday. 

“When I sat down with the American business community here, what they told me is they are willing to make more investments in Nigeria as long as the country has a more stable macroeconomic framework.” 

Adeyemo, the highest-ranking Nigerian-American official and highest-ranking member of the African diaspora in the Biden administration, was on a three-day engagement to Nigeria aimed at highlighting the economic and cultural ties between the two countries. 

His visit is part of efforts by the Biden administration to underscore its commitment to deepening the US-Africa economic and trade relationship.

“We think American companies and investors can succeed in Nigeria because, ultimately, Nigeria and the US share the same values,” Adeyemo says.

After the visit, Adeyemo raced back to the US to engage with President Bola Tinubu on the sidelines of the UN General Assembly in New York.

Adeyemo was the top US government official at Tinubu’s roundtable with American and Nigerian business leaders at the Nasdaq stock exchange on Wednesday, where the Nigerian president rang the closing bell.

The US remains one of the largest foreign investors in Nigeria, while Nigeria stands as its second-largest African trading partner. 

Also, the US government provided Nigeria with over $1bn in assistance last year, helping to support Nigerians with access to healthcare and reducing food insecurity.

Unfazed by Asian inroads, corruption

Asked whether the US is concerned about the continued influx of Asian businesses, especially Chinese, into Nigeria, Adeyemo said the most important thing is for the US to see Nigeria as the destination for its businesses and investments.

“Nigeria shouldn’t have to choose what countries invest in it,” he told the reporters in Lagos.

“Fundamentally, Nigeria should be in a position where the country and companies that provide the best value to Nigeria are able to invest here. In my view, that is more often than not going to be American companies.”

Critics of the Tinubu administration say the corruption allegations against several top government functionaries in his government, including the president, could dissuade foreign investors. 

But Adeyemo said the US government is more focused on working with the Nigerian people.

“President Biden had an opportunity to meet President Tinubu on the sidelines of the G20 as part of our commitment to working closely with the Tinubu administration,” Adeyemo said when asked if the US is concerned about the corruption records of some top Nigerian officials.

“We look forward to working with them because ultimately we know the things that bind the US and Nigeria are people. We’re both multi-ethnic democracies that are working hard to demonstrate that democracy can deliver for our people. And ultimately that’s why we have a partnership.”

High-profile meetings

The highlights of Adeyemo’s three-day engagements in Nigeria included economic policy remarks at the Lagos Business School, meeting with executives of key banking and financial institutions, American companies, tech startups and creative industry leaders.

While delivering an economic policy at the Lagos Business School on Monday, Adeyemo highlighted four economic reform priorities needed for Nigeria’s growth:

• A stable naira
• Fiscal strategy
• Rooting out corruption
• Integrity of the financial system

“President Biden and our whole administration are committed to taking steps in these key areas that are at the heart of long-term economic growth,” he said. “Over the past few decades, progress in Nigeria has not been as fast as many hoped or anticipated. 

“But, at the same time, the opportunity has never been greater. Your government is pursuing difficult and bold reforms.”