The US Deputy Secretary of Treasury, Wally Adeyemo, has said Nigeria lacks the macroeconomic framework to attract more dollar denominated foreign direct investments into its economy.

Adeyemo noted that the government needs to develop a macroeconomic framework that demonstrates its commitment to the fundamentals and this will in turn help attract foreign investors to the country and help the country’s economy thrive.

This was made known by Adeyemo while speaking at the Lagos Business School (LBS) at a forum with business leaders in Lagos on Monday, September 18, 2023.

Adeyemo, who spoke on the US-Nigeria Economic Relationship, praised the early steps taken by the government in terms of the fiscal policy and unification of the exchange rate.

The US top official stated that more needs to be done, noting that as companies around the world become more comfortable with the approach of Nigeria, the country would be destination for Foreign Direct Investment (FDI).

Responding to a question about investments and the Nigerian economy from the audience, Adeyemo said,

“Nigeria lacks a macroeconomic framework that is going to help to bring more foreign direct investments including dollar-based foreign investments into the country.

“The early steps the government has taken is good in terms of what they have done (fiscal policy), in terms of what they are trying to do with unifying the exchange rates. More needs to be done and they recognise that.

The truth is as companies around the world become more comfortable with their approach, you would expect that Nigeria would be a destination for FDI.”

The Deputy Secretary said the proposed reforms by the Nigerian government will not have bring quick solutions because things have been difficult economically over the past few years due to COVID, the Russian-Ukraine war, and a confusing exchange rate policy.

He said, “We need to make sure that as you are making the transition, which will take longer than anyone wants, that you are taking steps to make sure that you are helping Nigerians who are feeling it the most.

But I think the most important point, is that you need to put reforms in place that allows people to bring in capital into the country in a way that they are secured and can take their money out when they choose to and they continue to make investments.’’


According to him, America is bullish on Nigeria because of its people, adding that the recently introduced reforms in Nigeria were long overdue.

He said the US had made it clear to the Nigerian government that it wanted to partner in the implementation of the reforms.

He disclosed, “And this is not just the US, the World Bank, the AFDB, and other international institutions too. I know that before I came, I spoke to the president of the World Bank who has seen the president of the administration and is ready to work with them in terms of trying to help make the transition easier, especially for Nigerians feeling the pinch.”

He noted that United States is one of the largest foreign investors in Nigeria, with the country being the US’s second-largest African trading partner. He stated that the US government provided Nigeria with over $1 billion assistance in 2022, to support Nigerians with access to health care and reduce food insecurity.

https://nairametrics.com/2023/09/19/us-says-nigeria-lacks-macroeconomic-framework-to-attract-dollar-denominated-foreign-investment/

Tinubu has absolutely nothing to offer

Economic frame work comes from security, justice and applying common sense.

Gbam. All or most companies that came during obj have closed up under APC, now no employment. Joblessness is surplus in Nigeria, which explains y people praise palliative measure, and expect peanuts by praising APC government. So sad. Nigeria is hopeless. Standard of living dropped by 400 percent.Even if another party comes tomorrow, it can't be redeemed.

They lack everything

agulion:
Tinubu has absolutely nothing to offer

Just like what you call a brain, has nothing to offer you?

Opariii

It haf finis

You wan attract foreign investment with nepotism and electoral violence?

Nigeria is a comedy movie aswear.

Nigerians don't have the mental capacity to effectively manage a country with a population as big as Nigeria's.

Before Nko? US Deputy Secretary of Treasury Wally Adeyemo better warn his uncle Chicago Bola Tinubu to change course fast.

False narrative, the man said much more than than this sensational snipet.
They must put their own negative spin on everything.

Creamypie:
Gbam. All or most companies that came during obj have closed up under APC, now no employment. Joblessness is surplus in Nigeria, which explains y people praise palliative measure, and expect peanuts by praising APC government. So sad. Nigeria is hopeless. Standard of living dropped by 400 percent.Even if another party comes tomorrow, it can't be redeemed.

Feudalism (a system of Haves and Have Nots) is what we're experiencing coupled with overwhelming population that their destiny is being looted by ethnocentric leaders.

Tinubu been disgraced again

Yoruba Muslims said Nigerians should be patient with the developer Emilokan,
Tinubu will develop Nigeria as a Chicago-trained developer.

How will Nigeria have framework when foreigners are the ones stealing all our resources?..
The sectors and value chains that would have come up from value addition to those mineral resources and raw materials are being killed directly so what is the poster saying?

He should tune in to TED talk show and watch brilliant African kids asking brilliant questions on reason Africa is being milked to death by Europeans.

Wahala, until we stop being puppets to these guys, US will pretend to be helping and jeopardizing the Country at same time.

Do we even have leaders with balls who are ready to confront US, I don't think so.

yeah,they rather steal from you than to do business with you....

WHAT ABOUT ECONOMIC FRAMEWORK TO DEVELOP NAIRA LOCAL INDUSTRIES?

hmm, Mer president has to act fast

GET DOLLARS FROM DANGOTE, OTEDOLA AND CO. PRINT NAIRA IN-EXCHANGE FOR THEM TO INVEST IN NIGERIA.

If this comes from a Nigerian, the unpatriotic Nigerians will be screaming of hater hater hater wailer wailer wailer.

Let us keep ignoring the truth because of blind support to something that doesn't work.