28 September 2023

U S Nigeria's High Level Reception: Celebrating U S Nigeria Business Relations

There's a Back-Story to all this: The American Business Council Nigeria in partnership with the United States Chamber of Commerce, Nigerian Investment Promotions Council (NIPC), National Association of Securities Dealers Automatic Quotation System (NASDAQ) and the Nigerian Exchange Group (NGX) hosted a US-Nigeria Executive Business Dialogue and High-Level Reception on the margins of the 78th United Nations General Assembly (UNGA).
This event took place on September 20 and featured President Bola Ahmed Tinubu who rang the closing bell on the occasion.

Nigeria Turns 63

U.S. Deputy Secretary of the Treasury Wally Adeyemo traveled to Lagos, Nigeria, on a three-day visit last week as part of Washington’s strategy to counter China and Russia. His visit came at a time of growing instability on the continent caused by nine coups in three years.
  • The intended message of the carefully choreographed trip was clear: U.S. diplomacy in Africa is back, and to counter “foreign actors” the Biden administration wants to partner with Nigeria, the continent’s largest population and economy.
Several Biden administration officials, including Secretary of State Antony Blinken, have visited Nigeria, but Adeyemo’s speech in Lagos could be one of the most direct by a U.S. official on the problems ailing Nigeria. 
  • He said stabilizing Nigeria’s currency and rooting out corruption are key priorities. 
  • “I know the Nigerian people are willing to make sacrifices in the service of progress but have a legitimate fear that corruption and mismanagement will dash their hopes that the benefits of these reforms will enrich the people rather than the powerful,” he said.

Tinubu has tried to make the country more attractive to foreign investors by implementing tough fiscal reforms. He scrapped the fuel subsidy that cost the state $10 billion last year and ended a system of multiple fixed exchange rates, prompting the currency’s official value to plummet by more than 40 percent...

The U.S. business presence on the continent has historically not been geared toward what countries such as Nigeria need. 

Nigeria's Unhappy Birthday – Foreign Policy


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American Business Council Nigeria
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