The United States Deputy Secretary Of Treasury, Adewale Adeyemo says Nigeria has all it takes to be the choice destination of the world in terms of its natural resources and the young population.
Adeyemo who. addressed businessmen at the Lagos Business School on Monday afternoon also spoke on the importance of small and medium sized businesses to the growth of the Nigerian economy.
According to him, Nigeria is blessed with over” 40 million small and medium sized businesses which employ more than 80% of Nigerians pointing out ” these businesses represent the bidding hub for the Nigerian economy. In other for these businesses to thrive, they need the government policy to go from being the problem to providing the solution”
Adeyemo said despite Nigeria being the hub of innovation booming in Africa, there is still much to be done about unlocking the innovation that would bring about prosperity of Nigeria.
The US Deputy Treasury Secretary stated that a lot of investors and foreign companies are prepared to invest in the country but that a stable Naira and credible fiscal policy are crucial to foreign investment.
He said with the right economic framework, Nigeria will direct capital inflow from the rest of the world including the United States adding “that the United States stands ready and eager to patner with Nigerian people and government in the quest to build a better future
His statement reads in part:
“President Biden is committed to a strong US – Nigeria relationship built on shared values and mutual benefits.
Nigeria as you know it is the largest economy in Africa, and would be the 4th most populous in the world by 2050.
Nigeria ‘s economy and social impact can be felt well beyond your borders with diaspora that has spread across the world bringing with them, the unbounded creativity, and innovation that you find in every city and village in this great country.
As a child of the diaspora myself, I’m humbled to stand in front of you, Adewale Adeyemo as the first Nigerian – American US Deputy Secretary of the Treasury.
More than 4 decades ago,my parents left Nigeria to get an education in search of opportunity for their young family long before an educational institution like this existed. They raised us with a deep and abiding love for Nigerian culture, and the struggles of a people preferred to as being free of colonialism and the yoke of dictatorship,a people filled with so much potential but with too few opportunities.
In so many ways, Nigeria is a different country today than the one they left more than 40 years ago.
But progress and expanding economic opportunities has come more slowly than any of us hope for.
I’m here today to talk about how the United States can be your partner in accelerating progress on the economic forums Nigeria needs.
I’m 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’m here because unlocking Nigeria’s Economic success can transform not just the country but the entire continent, and as you know well, this is a critical moment in Nigeria .
With decisive action by your government, the determination and shared efforts of the Nigerian people can create changes needed to unlock the unrealised opportunities for Africa”s most populous nation
Nigeria ‘s great resource is not its oil, It is Nigerian people.Nigerians have built leading companies around the world like Dangote group,Globacom and Zenith Bank just to name a few.
Nigerians have made significant contributions to culture from Wole Soyinka and Chinua Achebe. Nigerian musicians and films are heard and watched around the world .
Today,one of Nigeria’s greatest opportunities is the fact that around 3 in 5 Nigerians is under the age of 25.
Apart from being on the side of demographics,he said Nigeria is also blessed with an array of natural resources and innovative companies.
It is clear from my conversation 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 macro economic framework, Nigeria can be a destination of choice for foreign capital including capital from the United States.
While demographics and capital can fuel a Nigerian economic boom, small and medium sized enterprises would sustain the growth
There are more than 40 million small and medium sized businesses in this country which employ more than 80% of Nigerians.These businesses represent the bidding hub for the Nigerian economy. In order for these businesses to thrive, they need the government policy to go from being the problem to providing the solution.
Nigerians are the hub of innovation that is blossoming all over Africa. The question is how do you unlock that innovation?
From Arts to Technology, the economy is more diverse here today than even as few years ago.
He reiterated the” United States stands ready and eager to partner with the Nigerian people and government in the quest to build a better future “
