Wally Adeyemo, the deputy secretary of the U.S. Treasury, encouraged Nigeria on Monday to work to stabilize its currency and combat corruption in order to fulfill what he termed the “unrealized opportunity” of being the most populous nation in Africa.
Adeyemo, who as a youngster moved from Nigeria to the United States, is in Nigeria till Tuesday to emphasize the Biden administration’s dedication to strengthening ties with African nations on the economic and trade fronts.
His visit coincides with Bola Tinubu, the newly elected president of Nigeria, implementing changes to boost the economy of his nation. It also forms part of President Joe Biden’s larger initiative to forge closer relations and provide African nations with an alternative to Chinese and Russian investment and commerce.
“Your economic success is not only important to the approximately 200 million people who call Nigeria home, it is important to the region, the continent and the global economy,” Adeyemo said in a speech at Lagos Business School.
Adeyemo’s trip to the continent follows those of other prominent government figures, including Vice President Kamala Harris and Treasury Secretary Janet Yellen. Adeyemo is the highest-ranking member of the African diaspora in the Biden administration.
Adeyemo claimed that if Nigeria hastened efforts to stabilize the naira and revised its fiscal policies to eliminate fuel subsidies and invest more in digital infrastructure, education, and a favorable environment for small businesses, it might draw more foreign direct investment.
Rooting out corruption, including by moving more licensing and other government functions online, would also fight skepticism and boost digital entrepreneurship, he said.
Adeyemo also called for steps to shore up the integrity of Nigeria’s banks and reduce the ability of “criminals, terrorists, and others” to launder money through the Nigerian financial system. Washington stands ready to help Tinubu’s government tackle challenges in this area, he added.
“The opportunity has never been greater,” he 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.”
