According to US Nigeria lacks macroeconomic framework to attract dollar denominated foreign investment

[Leather007]

The US Deputy Secretary of the Treasury, Wally Adeyemo, has emphasized that Nigeria needs to establish a robust macroeconomic framework to attract more dollar-denominated foreign direct investments (FDI) into its economy. Speaking at a forum in Lagos on September 18, 2023, Adeyemo praised the government's initial fiscal policy steps and exchange rate unification efforts but stressed that more must be done to make Nigeria an appealing FDI destination. He noted that as global companies gain confidence in Nigeria's approach, it would become more attractive for FDI. Adeyemo acknowledged that the economic challenges posed by COVID-19, the Russia-Ukraine war, and exchange rate complexities mean there are no quick solutions. He highlighted the importance of reforms that ensure the security and ease of capital inflows and outflows for investors.
Adeyemo emphasized that the United States is eager to collaborate with the Nigerian government in implementing these reforms. He mentioned that this willingness extends beyond the US, as international institutions like the World Bank and the African Development Bank (AFDB) are also interested in assisting Nigeria with its transition and easing the economic challenges faced by its citizens. Adeyemo pointed out that the US is one of Nigeria's largest foreign investors and the second-largest African trading partner for the United States. In 2022, the US provided over $1 billion in assistance to Nigeria to improve healthcare access and reduce food insecurity.

 

[bestwriter]

I think this is the right place to talk about the role India played in the African Union getting a permanent place in the G20 Summit - I suppose it will now be called G21. Would you be able to explain the ramifications of this inclusion? In what way will it help the world and the AU? What I can see it will give an opportunity to AU to showcase their ability in whatever way