US Government to invest in Nigerian companies to kick start economy – Wally Adeyemo

Wally Adeyemo, the U.S. Deputy Treasury Secretary, revealed that the U.S. government plans to invest in small, medium, and large enterprises to boost Nigeria’s economy.

Adeyemo disclosed this on Tuesday during his visit to some tech founders at the Vibranium Tech City, Ikeja.

Rising Nigeria’s population

Aseyemo noted that three out of five Nigerians are under the age of 25 and by 2050, citing that Nigeria’s population could be larger than America’s by 2050, he said:

“We don’t only share economic prospects, but we share values with more than 500,000 Nigerian-Americans, who go between Nigeria and America on a regular basis.

“Our goal is to make sure that the talented people who live here in Nigeria have the opportunities to realise their dreams here and be able to take advantage of the opportunities that exist in Nigeria,” he said.

Investing

He added that one of the reasons for coming to Nigeria was for partnership, noting that there were lots of talents in the country and the U.S. government would be happy to invest in them to help the economy grow.

He also noted that U.S. government would work with the Nigerian government to ensure that barriers to investments between the two countries were removed, adding that investors in both countries had easy access to the markets.

“I am excited to be here today because it has given me a chance to see Nigeria and Innovation at its best and to see the innovative companies that are being built here and I must say there are lots of potentials in Nigeria.

“American investors and companies want to be partners in doing that work.

“We want to make sure that we are partnering with the government to remove barriers to ensure that Nigerian investors have the ability to access the U.S. markets and vice versa.

“We are encouraged by the early steps of the new Nigerian administration, and we look forward to working with them, ” he said

Nairametrics reported earlier that Mr. Wally Adeyemo said Nigeria needs a stable naira and implement a credible fiscal strategy to creature opportunities for millions of its people.

Mr Adeyemo stated this during his address at the Lagos Business School as part of his visit to Nigeria to strengthen diplomatic relations between the two countries.

“Nigeria needs a stable naira. You step into a small business or market and hear shop owners and customers bemoaning the lack of a stable currency. Unifying Nigeria’s foreign exchange rate will create the kind of macroeconomic stability that is essential to foreign attracting investment.”

He further commended the current administration’s efforts in taking the difficult reforms such as fuel subsidy removal and unification of exchange rate. In his words, the path to unification is not an easy one…but going backwards would even be worse.”