No Quick Fix To Nigeria’s Economic Challenges -US

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Wally Adeyemo US Deputy Secretary of Treasury 


If you’re one of those looking for a midnight miracle from the regime of Bola Tinubu, you need to increase your climbing faith to surmount the mountain of economic hardship created by the past regime of Mohammadu Buhari.





Speaking in Lagos at the Lagos Business School on the US-Nigeria Economic Relationship, the US Deputy Secretary of Treasury, Nigerian-born Wally Adeyemo said there is no easy solution to the current economic challenges that the country is facing.


Adeyemo said Nigeria does not have a macroeconomic framework to bring dollar-denominated foreign direct investment into the country’s economy.


Adeyemo in his word said, “our administration recognises that 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.”


He further said,  “where decisive actions by your government and the determination and shared effort of the Nigerian people can create the changes needed to unlock the unrealised opportunity of Africa’s most populous country.”


Identifying four economic reform priorities for Nigeria, Adeyemo also said, “First, Nigeria needs a stable Naira” adding that “unifying Nigeria’s foreign exchange rates will 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 easy, but going backwards would be even worse.


“Second, the government needs to articulate and implement a fiscal strategy that will provide the resources to make critical investments.


“The third factor for growth is a rooting out of corruption and the perception of corruption in the business environment.


“Fourth, and finally, is protecting the integrity of Nigeria’s financial system.”

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