May 21, 2024
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OIL & GAS

Nigeria’s Fuel Subsidy Phase-out Key to Attracting More Foreign Investment- Adeyemo

The U.S. Deputy Treasury Secretary Wally Adeyemo stressed the imperative for Nigeria to focus on stabilizing its currency and combatting corruption. Adeyemo, himself of Nigerian descent, embarked on a visit to Nigeria to reaffirm the Biden administration’s commitment to strengthening economic and trade relations with African nations.

Adeyemo emphasized on Nigeria to expedite efforts to stabilize the nation’s currency, the naira, alongside fiscal policy reforms, particularly the cessation of fuel subsidies. He advocated for increased investments in digital infrastructure, education, and the creation of a robust small business environment.

The visit aligns with Nigeria’s President, Bola Tinubu’s, reform-driven agenda aimed at resuscitating the country’s economy. It also forms part of the broader U.S. strategy under President Joe Biden to offer African countries an alternative to Chinese and Russian investments and trade partnerships.

Adeyemo, speaking at Lagos Business School, emphasized that Nigeria’s economic prosperity is not just vital for its 200 million citizens but also holds significance for the entire African continent and the global economy.

As the highest-ranking member of the African diaspora within the Biden administration, Adeyemo’s visit follows similar high-profile trips by Treasury Secretary Janet Yellen and Vice President Kamala Harris to the African continent.

,Adeyemo recommended shifting government functions online, promoting digital entrepreneurship, and enhancing the integrity of Nigeria’s banking sector. He also underscored the importance of curbing money laundering activities within the Nigerian financial system.

He conveyed the exceptional opportunity that currently exists for Nigeria. He commended the Nigerian government’s commitment to bold and challenging reforms, with the United States standing ready to be a steadfast partner in the pursuit of an inclusive and prosperous Nigerian economy.

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