US Deputy Treasury Secretary Wally Adeyemo urged Nigeria to work to stabilize its currency and fight corruption to unlock the country’s economic potential.
Adeyemo, who emigrated from Nigeria to the United States as a child, is visiting Nigeria to underscore the Biden administration’s commitment to deepening economic and trade ties with African countries. His trip comes as Nigeria’s new president, Bola Tinubu, adopts reforms to revive the country’s economy.
In a speech at Lagos Business School, Adeyemo said Nigeria could attract more foreign direct investment if it accelerated efforts to stabilize the naira and revamped its fiscal policies to end fuel subsidies and invest more in digital infrastructure, education and a strong small business environment.
Rooting out corruption would also fight skepticism and boost digital entrepreneurship, he added.
Adeyemo also called for steps to shore up the integrity of Nigeria’s banks and reduce the ability of criminals to launder money through the Nigerian financial system.
“The opportunity has never been greater,” Adeyemo said. “Your government is pursuing difficult and bold reforms. The United States looks forward to being a partner as you build an economy that works for all Nigerians.”
