US says Nigeria lacks macroeconomic framework to attract dollar denominated foreign investment

Lagos Business School to host U.S. Deputy Secretary of the Treasury, Wally Adeyemo in a landmark event .

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.

More needs to be done
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.”

No quick solutions
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/?amp=1

Are you JJC?

iSense247:
US says Nigeria lacks macroeconomic framework to attract dollar denominated foreign investment

https://nairametrics.com/2023/09/19/us-says-nigeria-lacks-macroeconomic-framework-to-attract-dollar-denominated-foreign-investment/?amp=1

Mr Wale Adeyemo, you are IPOB according to Tinubu's surpporters. Only Tinubu with an Oluwole's first class can be right.

Mr Adeyemo are you too blind to see that there is parallel FX rate which is far more than the official rate?

That the so-called FX unification was a farce, a total fiasco

He will soon be accused of being Obidient by people who don't understand basic economics, nobody will put in their money where they are not sure of growth and profits, until we fix major issues we can then see some progress, running around looking for investors isn't not a solution.

Newton2024:
Mr Wale Adeyemo, you are IPOB according to Tinubu's surpporters. Only Tinubu with an Oluwole's first class can be right.

Yesso, his name in full is Adeyemochukwubiem ,he shortened it to Adeyemo to masquerade as a Yoruba man

Least they won't label him as being a bitter Obidient.

Endless junketting around the globe with proficiency in media optics and plenty grammatical assurances, does not in any way attract FDI. These things are largely common-sensical.

sanpipita:
He will soon be accused of being Obidient by people who don't understand basic economics, nobody will put in their money where they are not sure of growth and profits, until we fix major issues we can then see some progress, running around looking for investors isn't not a solution.

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.

Wally Adeyemo said exactly what a lot of us have been saying so no need to call him an Obidient. Obidient are hateful beings who don’t have the capacity to make the kind of statement quoted in bold about the Bola Tinubu administration.

VeeVeeMyLuv:
Mr Adeyemo are you too blind to see that there is parallel FX rate which is far more than the official rate?

That the so-called FX unification was a farce, a total fiasco

The US Deputy Secretary of Treasury, Wally Adeyemo is too blind? Even Tinubu will sacrifice you to appease Peter Obi for saying this nonsense.

Zombies will call him IPOB member now. Meanwhile, emilokan disciples said he is going to replicate the Lagos humongous debt burden kind of economics across Nigeria

Is it not possible to get Obasanjo back to come and help Nigeria

Sophisticated Morons said that once the subsidy is removed, Oil business will become Lucrative and then investors will rush i . Chai. It is painful to share country with some people

With over 100 days in office, President Tinubu has not rolled out his policies, initiatives and incentive packages to revitalize the economy as well as encourage existing local investors as well as attract new investors, which will boost GDP, employment and generate taxes. Tinubu should note that at the end the day, local investors as owners of big and SMEs industries are the building blocks of any economy.

Yes, FDIs are important but those foreign investors will judge our economy by how the local investors are treated by the government. Besides, while foreign investors will take profits out of Nigeria while local investors reinvests profits in our economy.

Things are not looking inspiring at the moment. Pres. Tinubu need to rise above nepotism to headhunt for some young hothead economists and financial experts and place them under his office to serve as his thinktank in brainstorming on and generating policies, programs, reforms and incentives. We need practical ideas from thinking out of box to solve our problems here rather than some textbooks stuff.

Who will invest your hard earned money in a country ruled by a former drug mule , whose certificate is questionable, age questionable, name questionable, state of origin questionable, no primary school history, no secondary school history. No history at all except becoming the ex governor of state.

I think there is something this gentleman is not saying openly or telling us

Newton2024:
The US Deputy Secretary of Treasury, Wally Adeyemo is too blind? Even Tinubu will sacrifice you to appease Peter Obi for saying this nonsense.

Janet Yellen will be shocked to find that he believes that the rates were unified

Now let me redirect the question to you.

Do u really believe that the exchange rates were unified?

The rates on binance P2P is closing in on the 1000 mark.

Aboki BDC rate is 955

While official CBN rate 775! Does this looks like unified to you?


So between me and you now who is talking nonsense?

Well most of you have sold your souls, and no longer have conscience. So interacting with such characters as yours Is a mental torture, a futile misadventure, much like flogging a dead horse 🐎

Tinubu's minions will come for your head...

Adeyemo is working for IPoB, he criticized the government of Nigeria.

seunmsg:






Wally Adeyemo said exactly what a lot of us have been saying so no need to call him an Obidient. Obidient are hateful beings who don’t have the capacity to make the kind of statement quoted in bold about the Bola Tinubu administration.

It's Wale. Ok? It's Wale.

sanpipita:
He will soon be accused of being Obidient by people who don't understand basic economics, nobody will put in their money where they are not sure of growth and profits, until we fix major issues we can then see some progress, running around looking for investors isn't not a solution.

His comment is objective besides he is an Omoluabi so no traces of hatred in his submission

Phantom233:
Tinubu's minions will come for your head...

No he speaks like an IPOBidients

He spoke like Omoluabi


Read allover again. He is not delusional like our Pandora Obituary ,,😂🤣

In Tinubu paid urchins voice "This man must be an IPOB member sponsored by Peter Obi' we really need to confirm his identity.

Show me one Tinubu supporter and I'll show you a complex idiot.

Most of the comments show many Obidients/Antagonist of the government are simply shallow.

They didn't digest the points, just picked out the line that supports their agenda and went to town like kids given lollipop.

The doofus went to India to attract investment to a disabling environment.

We all know this, Nigerians always prefer to import no matter how bad something is…than to buy or promote locally made good one.., now let’s say investors want to come and say start a chocolate factory, but then upon coming they met zero local chocolate makers or close to chocolate making., how are they going to do it? Or u mean they’ll waste their time to train us again all over? That’d be a waste of time,.. now think of when it comes to a tech company.🤷🏾‍♂️

But but but
He signed a gazillion dollar deal with India na to come and invest in our economy

Luckysbab:
Most of the comments show many Obidients/Antagonist of the government are simply shallow.

They didn't digest the points, just picked out the line that supports their agenda and went to town like kids given lollipop.

Ok
Still his assertions stands, you can't build a house on sinking sand

ThiefnubuBandit:
Show me one Tinubu supporter and I'll show you a complex idiot.

The one directly below your comment

ThiefnubuBandit:
Show me one Tinubu supporter and I'll show you a complex idiot.

E.g. Luckysbab

Which frame work works in Nigerian.

Nigerian leaders left equity/Investmens and started chasing loans and credit facilities

Kept investing the credits on infrastructure that cannot stand the test of time. We expand our hapetit for corruption to the counts of our population.

Frameworks has a foundation

Indeed