The United States government has lauded Nigeria’s monetary policies and hoped they would help businesses thrive, strengthen, and position the nation’s economy for growth.
U.S. Deputy Assistant Secretary, Bureau of African Affairs, State Department, Joy Basu, made this known at a digital news conference with journalists.
Ms Basu said the U.S. was committed to fostering its collaboration with Nigeria to tackle the many pressing issues and obstacles that Nigeria, Africa’s largest economy, was facing.
The envoy said her country was working closely with the U.S. Treasury, Nigerian authorities and African central banks towards ensuring public and private sector economic restoration, stability and prosperity across Africa.
Speaking against the backdrop of the recently concluded 16th U.S.-Africa Business Summit in Dallas, Texas, Ms Basu said the U.S. was also working on curbing Africa’s security, infrastructure and energy challenges.
“We also talked about reaffirming the difficult but hard policy choices that Nigeria is making and that we see being made across the continent to strengthen their economies. So of course, in Nigeria there’s been a lot of challenge with the currency, but it is hopefully something that will make the economy stronger and enable Nigerian businesses to thrive.
“We have made commitments to work on the security situation, infrastructure, and energy, which are common challenges not only in Nigeria but also in some other countries on the continent.
“We have made concrete commitments to working on an enabling business environment in Nigeria and to ensure that American companies investing in Nigeria have a transparent experience.
“We are working closely with our U.S. treasury and with the central banks of African countries, particularly Nigeria and the World Bank, to restore the economy, help the people, and ensure the thriving of public and private companies,” she said.
We are working closely with our U.S. treasury and with the central banks of African countries, particularly Nigeria and the World Bank, to restore the economy, help the people, and ensure the thriving of public and private companies.
Trade and investment
In her remarks, Reta Lewis, President of the U.S. Export-Import Bank, highlighted her country’s efforts to bolster trade and investment across Africa and emphasised the importance of transparency and accountability in fostering stronger U.S.-Africa partnerships.
She disclosed that the U.S. government had earmarked $900 billion to construct solar power plants in Africa, the largest renewable energy project and transaction this year.
Ms Lewis announced that Eximbank had approved over $1.6 billion for developing Small and Medium Enterprises (SMEs) in sub-Saharan Africa and signed MoUs with six African governments and institutions.
She added that the U.S. government signed $1.3 billion MoUs with Afreximbank, Africa Finance Corporation and Nigeria’s Bank of Industry, saying such interventions aimed to stimulate competition and foster economic growth.
“We are prepared to work with African countries and stakeholders from these MoUs to partner and foster competition. Eighty-five per cent of Exim’s transactions on a yearly basis are in small businesses,” she said.
Ms Lewis urged participating journalists to always highlight the positive strides the U.S. has made to support businesses and bolster African economic growth despite the continent’s prevailing challenges.
Also speaking, Alice Albright, CEO of Millennium Challenge Corporation, said that out of the $17 billion the U.S. had invested in Africa, about $10 billion was allocated to infrastructure projects. (NAN)
