US Lauds Nigeria’s FOREX Market Unification, Petroleum Subsidy Removal
Temitope Mustapha, Abuja
The United States has lauded President Bola Ahmed Tinubu’s economic Policies describing the administration’s reforms as bold.
Specifically, the U.S commended President Tinubu on the unification of the foreign exchange and ending the fuel subsidy regime.
The U.S Secretary of State, Anthony Blinken, made his country’s position known on President Tinubu’s administration while addressing a joint press conference along with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, after a bilateral meeting with President Tinubu at the State House, Abuja.
The American Secretary of State also noted the need for Nigeria to bridge impediments to ease-of-doing-business by foreign investors, especially in the area of repatriation of capitals, and the issue of corruption.
Blinken noted that Nigeria has been making real progress in its efforts to reposition the country, adding that this has increased the country’s chances with the American entrepreneurs that are eager to invest in Nigeria .
“We welcome President’s bold reforms to unify the currency and end fuel subsidy. Nigeria offers real opportunities for investors at the same time I think it’s no secret that there remains long term challenges that need to be removed to be able to really unlock the full potential, making it easier for foreign companies to repatriate capital.
“There remain some impediments that we hear from our own business community that I think stand in the way of maximizing those opportunities. One is the repatriation of capital. I know that the Central Bank Governor is working on that and second is the ongoing effort to combat corruption because companies that come in and invest
want to make sure that they’re going to be investing with a fair level playing field and corruption, of course, is a big impediment event.
“Having said all of that, look, I do think we’re seeing real improvement”, he said.
Genuine Partnership
Blinken, who arrived Nigeria as part of his four-nation African tour, stressed his country’s commitment to strengthen genuine partnership with countries in Africa to solve shared challenges.
The Secretary said that the bilateral talks with President Tinubu was premised on a range of common priorities, which include focus on accelerating economic growth and opportunities.
“This is a place of extraordinary innovation, extraordinary dynamism. I’ve had the opportunity to visit many times over over the years. I’ve seen that each and every time and I expect to see more of that latest tomorrow.
“American entrepreneurs, American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector.
“We have tech giants that are teamed up with Nigerian partners to help me president’s news 1 million digital Jobs Initiative other companies are part of work laying undersea cables, using satellite technology to expand access to the internet. Our tech incubators are fostering Nigeria’s next startups.
“Our venture capital companies are working to finance so we want to work in partnership to help drive Nigeria’s technological revolution, which is creating jobs. It’s growing businesses, and it’s growing innovations in both of our countries.
“Because one of the things we’ve learned from these partnerships is that it benefits us as much as any place or any company that we’re investing. We’re learning a lot from we’re getting a lot. And one of the initiatives that President Biden laid out the digital transformation with Africa Initiative, we see it as particularly energized and triggered focus for us.
“Now, Nigeria offers real, clear, compelling opportunities for investors. At the same time. I think it’s no secret that there remains some long term challenges that need to be overcome, to really unlock the full potential, tackling corruption, making it easier for foreign companies. to repatriate capital, these will all pull in a transformative direction and pull in transformative direct investment”, he said.
Noting the cooperation between the US and Nigeria, Blinken said: “Nigeria, as Africa’s largest country, largest economy, largest democracy is essential to that effort. And we are doing a lot of work together already.
To drive a positive direction. We’re driving climate action.
“As partners in the global nothing coalition we’re pushing for permanent representation crafting voices, the UN Security Council in other international organizations that need to reflect the realities of today, not just the day that they were created, many many years ago.
“We’re working in collaborating to support the development and use of artificial intelligence for good with 30 other Atlantic countries. We’re driving blue economic development, environmental protection, science and technology exchange, through a new partnership for learning cooperation”, he said.
Hauwa Abu
