US insists Nigeria can’t unlock potential without naira stability
By Jeph Ajobaju, Chief Copy Editor
Nigeria cannot unlock its huge human and material potential except it tackles corruption and stabilises the naira, United States Deputy Treasury Secretary Wally Adeyemo has reiterated to President Bola Tinubu and his fellow citizens.
Adeyemo – a Nigerian-American who occupies the highest position of someone of colour in the Joe Biden administration apart from Vice President Kamala Harris – gave the advice in a speech on Monday at the Lagos Business School (LBS).
He is visiting Africa’s most populous nation to improve US-Nigeria economic ties, has praised Tinubu for pursuing difficult and bold reforms, but listed steps to be taken to ensure the growth Nigeria needs to create economic opportunity for all.
Adeyemo’s visit to Africa comes after those of other top US officials, including Harris and Treasury Secretary Janet Yellen. But neither Harris nor Yellen set foot in Nigeria.
“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.
“First, Nigeria needs a stable naira. Unifying Nigeria’s foreign exchange rate will also create the kind of macroeconomic stability that is essential to attracting foreign investment.
“We commend the difficult steps your government has already taken to accomplish this goal. The path to unification is not an easy one as everyone is experiencing, but going backwards would be even worse.
“Second, the government needs to articulate and implement a credible fiscal strategy that will provide the resources to make critical investments.”
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Development of agriculture as economic backbone
“I recognise the decision to end fuel subsidies is hard for many Nigerian households. But it was an important early step to create resources that the government can use to invest in physical and digital infrastructure, education, and a strong small business environment,” Adeyemo added, per reporting by Vanguard.
“There is nowhere this need is greater than the agricultural industry, which, despite the digital revolution going on in Nigeria, remains Nigeria’s top employer.
“Its full potential, of course, is held back by issues like access to fertilisers, limited use of new technology, access to water and land and the availability of credit and high market entry costs.”
Adeyemo advocated for steps to shore up the integrity of Nigerian 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 stressed.
“The opportunity has never been greater. 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.”