US Treasury Deputy Secretary Wally Adeyemo, during a forum with business leaders in Lagos, addressed the pressing economic challenges facing Nigeria, emphasizing that there are no easy or quick fixes.

He underscored the importance of addressing these issues collaboratively, with the goal of creating a conducive environment for both local and foreign investment.

Adeyemo pointed out that Nigeria’s lack of a well-defined macroeconomic framework for attracting dollar-denominated foreign direct investments poses a significant challenge.

He explained that while the early steps taken by the Nigerian government are positive, more comprehensive reforms are needed to instill confidence in investors and stabilize the economy.

One of the critical reforms highlighted by Adeyemo was the need to develop a macroeconomic framework that demonstrates the government’s commitment to economic fundamentals.

Such a framework would help attract foreign investors, thereby supporting Nigeria’s economic growth.

The US Deputy Secretary acknowledged the difficulty of this transitional period, which has been impacted by various factors, including the COVID-19 pandemic, the Russian-Ukraine war, and fluctuating exchange rates.

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He stressed the importance of implementing reforms that allow for secure capital inflows and outflows, which would attract both local and international investments.

Adeyemo expressed the US government’s interest in partnering with Nigeria to facilitate these reforms.

He noted that a stable naira, albeit challenging to achieve, would create a conducive environment for foreign investments and macroeconomic stability.

Addressing concerns from investors regarding the repatriation of their funds, Adeyemo emphasized the need for Nigeria to prioritize the integrity of its financial system.

He called for anti-money laundering measures and stronger financial institution supervision to ensure a secure environment for investments.

While recognizing the complexity of Nigeria’s economic challenges, Adeyemo highlighted the country’s potential and the role it plays as a strategic partner in the US-Africa economic and trade relationship.

He noted the US’s commitment to assisting Nigeria in addressing its economic issues and fostering economic growth and stability.