Femi Ashekun/
The highest-ranking Nigerian-American official in the US government and Deputy Secretary of the Treasury, Wally Adeyemo, will visit Lagos, Nigeria’s economic capital for three days beginning from September 17, as part of the Biden Administration’s commitment to deepening the U.S.-Africa economic and trade relationship.
According to a statement by the US Embassy, today, Adeyemo’s visit “aims to build on the already deep people-to-people ties between the United States and Nigeria, a strong and historic partner.
It notes that in his engagements during visit, Adeyemo “will highlight the economic and cultural ties between the two countries and will discuss how we can deepen our partnership to the benefit of both countries, by further developing business and investment in Nigeria with a particular focus on entrepreneurship, youth development, and women’s empowerment”.
The statement further reads, “As Africa’s largest population, democracy, and economy, Nigeria is an important and strategic partner on the continent. The Deputy Secretary will focus on how it is Nigeria’s people – its most valuable resource – who will shape and drive Nigeria’s economic prospects. Leveraging the vast Nigerian diaspora around the world, including in the United States where Nigerian-Americans have built successful businesses and prospered, can be a key part of that process.
“On his trip, the Deputy Secretary will connect with entrepreneurs, creators, and others in the business community to gain their perspectives on how the United States can partner more effectively to realize the shared vision of a stronger Nigeria. He will discuss the opportunities available through programs like the African Growth and Opportunity Act (AGOA), which has provided eligible sub-Saharan African countries, including Nigeria, with duty-free access to the U.S. market for thousands of products.
“He will also share the many tools available through the U.S. government to promote investment in Nigeria, especially in the form of high-quality infrastructure that meets Nigerians’ needs, through initiatives like the Partnership for Global Infrastructure Investment (PGI). These include:
“Power Africa, which has supported electricity generation projects for 3,000 MW of new capacity in Nigeria;
“The U.S. Development Finance Corporation, which has a portfolio in Nigeria that includes everything from major power projects to microfinance to local health clinics;
“The U.S. Trade and Development Agency, which has provided support for feasibility studies in Nigeria for sectors ranging from healthcare to internet access to clean energy;
“Prosper Africa, which has facilitated 129 deals worth $1.4 billion, including sectors as diverse as beekeeping and healthcare technology; and
“The PGI, which can provide values-driven and high standard infrastructure investment in countries like Nigeria.
“Additionally, the United States has also been a leader in pushing for the evolution of Multilateral Development Banks (MDBs) and their ability to act with sufficient speed and scale to address the world’s many challenges — and, just as importantly, help catalyze private investment that addresses global development needs.”
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