The United States Government has said that it is committed to a strong and virile partnership with Nigeria. The Deputy Treasury Secretary of the US, Wally Adeyemo, said Nigeria is the largest economy in Africa and will be the fourth most populous country in the world by 2050.
In his remarks at the Lagos Business School as a representative of President Joe Biden, Adeyemo said Nigeria is a very important partner whose economic advancement will lead to a better and more developed African continent.
He described Nigeria’s greatest resource as its people and the brands that have been built by Nigerians like Globacom, Zenith Bank and Dangote Group, among others. He said though the expansion of opportunities economically and otherwise has not been as rapid as many had hoped Nigeria remains on track.
Adeyemo promised that the United States Government would work together with President Bola Tinubu’s administration to deepen the decade-long relationship between both countries which has grown exponentially since the return of democracy in 1999.
He said, “This is a critical moment in Nigeria, where decisive actions by your government and the determination and shared effort of the Nigerian people can create the changes needed to unlock the unrealized opportunity of Africa’s most populous country.
“Nigeria’s greatest resource is not oil, it is the Nigerian people. Nigerians have built leading companies around the world like the Dangote Group, Globacom, and Zenith Bank. Nigerians have made significant contributions to culture from Wole Soyinka to Chinua Achebe. Nigerian music and films are heard and watched around the world, and I’m excited to tour Ogidi Studios this evening to see one of many places where this art is made.
“Today one of Nigeria’s greatest opportunities is the fact that around three in five Nigerians are below the age of 25, creating the possibility for Nigeria to reap a tremendous demographic dividend, as the proportion of working people in the country grows.
“That possibility lies with you, the students here at the Lagos Business School. Creating jobs and access to opportunity for the tens of thousands of students and executives that come through here, and your peers all over this country is essential to Nigeria’s success.
“In addition to being on the right side of demographics, Nigeria is also blessed with an array of natural resources and innovative companies. It is clear from my conversations with investors and foreign companies that they are eager to invest in Nigeria to help grow a diversified economy that can meet your needs.
“We know that with the right macroeconomic framework, Nigeria can be a destination of choice for foreign direct investment. While demographics and capital can fuel a Nigerian economic boom, small and medium-sized enterprises will sustain your growth. There are more than 40 million micro, small, and medium-sized businesses in the country, which employ more than 80 per cent of Nigerians.
“These businesses represent the beating heart of the Nigerian economy. In order for these businesses to thrive, they need government policy to go from being the problem to providing solutions. Nigerians are at the heart of the innovation that is blossoming all over Africa. From arts to technology, the economy is more diverse today than even a few years ago.
The Tinubu administration and the people I’ve met with – from students to entrepreneurs to major business leaders – all share a common understanding of the challenges and opportunities Nigeria faces. The question now is how to forge a path forward that creates prosperity for the Nigerian people. I am here to say that the United States stands ready and eager to partner with the Nigerian people and government in your quest to build a better future.”
