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9/18/2023

Remarks by Deputy Secretary of the Treasury Wally Adeyemo on the U.S.-Nigeria Economic Relationship in Lagos, Nig…

Remarks by Deputy Secretary of the Treasury Wally Adeyemo on
the U.S.-Nigeria Economic Relationship in Lagos, Nigeria
September 18, 2023

As Prepared for Delivery
Thank you all for joining me. I want to start by thanking the Lagos Business School for
graciously hosting us. Iʼm glad to be here today representing President Biden and the United
State Government.
My visit this week comes on the back of those by many other o icials in the Biden
Administration, including Secretary of State Blinken. President Biden is committed to a strong
U.S.-Nigeria relationship built on shared values and mutual benefit. Our Administration
recognizes 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.
Nigeria is, as you know, the largest economy in Africa and will be the fourth most populous
country in the world by 2050. Nigeriaʼs economic and social impact can be felt well beyond
your borders with a diaspora that has spread across the world, bringing with them the
unbounded creativity and innovation that you find in every city and village.
As a child of the diaspora, I am humbled to be standing here in front of you as the U.S. Deputy
Secretary of the Treasury. More than four decades ago, my parents le a very di erent Nigeria
to get an education in search of opportunity for their young family. They raised us with a deep
and abiding love for Nigerian culture and the struggles of a people that fought to be free of
colonialism and the yolk of dictatorship. A people filled with so much potential but with too
few opportunities.
In so many ways Nigeria is a di erent country than the one we le more than forty years ago,
but progress on expanding economic opportunity has come more slowly than any of us hoped.
I am here to talk about how the United States can be your partner in accelerating progress on
economic reforms.

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9/18/2023

Remarks by Deputy Secretary of the Treasury Wally Adeyemo on the U.S.-Nigeria Economic Relationship in Lagos, Nig…

I am here because we know that a strong and prosperous Nigeria is not only good for you, it is
also good for the United States of America.
I am here because unlocking Nigeriaʼs economic success can transform an entire continent.

ECONOMIC OPPORT UNIT Y
This is a critical moment in Nigeria, where decisive actions by your government and the
determination and shared e ort of the Nigerian people can create the changes needed to
unlock the unrealized opportunity of Africaʼs most populous country.
Nigeriaʼs greatest resource is not oil, it is the Nigerian people. Nigerians have built leading
companies around the world like the Dangote Group, Globacom, and Zenith Bank. Nigerians
have made significant contributions to culture from Wole Soyinka to Chinua Achebe. Nigerian
music and films are heard and watched around the world, and Iʼm excited to tour Ogidi
Studios this evening to see one of many places where this art is made.
Today one of Nigeriaʼs greatest opportunities is the fact that around three in five Nigerians
are below the age of 25, creating the possibility for Nigeria to reap a tremendous
“demographic dividend,” as the proportion of working people in the country grows.
That possibility lies with you, the students here at the Lagos Business School. Creating jobs
and access to opportunity for the tens of thousands of students and executives that come
through here, and your peers all over this country, is essential to Nigeriaʼs success.
In addition to being on the right side of demographics, Nigeria is also blessed with an array of
natural resources and innovative companies. It is clear from my conversations with investors
and foreign companies that they are eager to invest in Nigeria to help grow a diversified
economy that can meet your needs. We know that with the right macroeconomic framework,
Nigeria can be a destination of choice for foreign direct investment.
While demographics and capital can fuel a Nigerian economic boom, small and medium sized
enterprises will sustain your growth. There are more than 40 million micro, small, and medium
sized business in the country, which employ more than 80 percent of Nigerians. These
businesses represent the beating heart of the Nigerian economy. In order for these businesses
to thrive, they need government policy to go from being the problem to providing solutions.
Nigerians are at the heart of the innovation that is blossoming all over Africa. From arts to
technology, the economy is more diverse today than even a few years ago. Tomorrow, Iʼm
looking forward to touring Vibranium Valley and meeting with leaders in venture capital,
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9/18/2023

Remarks by Deputy Secretary of the Treasury Wally Adeyemo on the U.S.-Nigeria Economic Relationship in Lagos, Nig…

fintech, healthcare, and more. These firms have the ability to be drivers of growth here in
Nigeria, but they require an ecosystem of public-private partnership that fosters investment.
The Tinubu Administration and the people Iʼve met with – from students to entrepreneurs to
major business leaders – all share a common understanding of the challenges and
opportunities Nigeria faces. The question now is how to forge a path forward that creates
prosperity for the Nigerian people. I am here to say that the United States stands ready and
eager to partner with the Nigerian people and government in your quest to build a better
future.

OUR PART NERSHIP
Before I talk about specific areas in which we are keen to partner, let me first take a minute to
discuss why I have faith in our partnership. Our countries have enjoyed a decades-long
relationship that has only grown since democracy returned to Nigeria in 1999. The heart of
this relationship is people.
America is home to over half a million Nigerian-born American citizens and permanent
residents. This vast diaspora community brings rich culture, a penchant for entrepreneurship,
and wide-ranging economic and social contributions.
Thousands of Nigerians study each year in the United States, including through educational
exchanges like the Fulbright and Humphrey fellowship programs and the Mandela Washington
Fellowship that seeks to foster the next generation of young African leaders.
Thousands of United States citizens call Nigeria home. We also have a number of American
companies from di erent sectors that have made significant investments in Nigeria, from
Google to General Electric.
Today, the United States is one of the largest foreign investors in Nigeria and Nigeria stands
as Americaʼs second largest African trading partner.
In addition to our countriesʼ trade, the U.S. government provided Nigeria with over $1 billion
in assistance last year, helping to support Nigerians with access to health care and reducing
food insecurity.

F OUR ECONOMIC REF ORM PRIORIT IES
There are many reasons why the United States is committed to this partnership – from our
people-to-people relationships to our shared values to our common economic and security
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Remarks by Deputy Secretary of the Treasury Wally Adeyemo on the U.S.-Nigeria Economic Relationship in Lagos, Nig…

interests. I want to spend the remainder of my remarks highlighting some of the steps
needed for the type of growth that creates economic opportunity for the Nigerian people.
First, Nigeria needs a stable Naira. You stop into any small business or market, and you will
hear shop owners and customers bemoaning the lack of a stable currency. Unifying Nigeriaʼs
foreign exchange rates will create the kind of macroeconomic stability that is essential to
attracting foreign investment. We commend the di icult 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. I recognize the decision to end fuel subsidies is
hard for many Nigerian households, but it was an important early step to create resources the
government can use to invest in physical and digital infrastructure, education, and a strong
small business environment.
There is nowhere this need is greater than the agriculture industry, which despite the digital
revolution taking place remains Nigeriaʼs top employer. Its full potential is held back by issues
like access to fertilizer, limited use of new technology, access to water and land, the
availability of credit, and high market entry costs.
The need for economic reform does not demand indi erence to the pain caused by this
transition. This is why partners like the World Bank and African Development Bank are
committed to working with your government to provide resources and advice to help smooth
this transition for the Nigerian people.
The third factor for growth is a rooting out of corruption and the perception of corruption in
the business environment. 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.
I know that Nigerians agree with Wole Soyinka that “it is not fair to those who fight
corruption that they have to fight the aggressiveness, the impunity of the corrupt.” Creating
economic opportunity will require a government-driven e ort that addresses these fears by
shining a light on corruption, holding people accountable, and taking meaningful steps to
improve the business climate.
For example, Nigeria is a hotbed for digital entrepreneurship. Taking simple steps like moving
government functions online, so Nigerians can apply for business licenses and visas using their
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9/18/2023

Remarks by Deputy Secretary of the Treasury Wally Adeyemo on the U.S.-Nigeria Economic Relationship in Lagos, Nig…

smart phones and computers will help improve services and reduce opportunities for fees to
go into pockets rather than government co ers. This new government also has the ability to
fight skepticism by making reforms that will allow the Nigerian people to better understand
how federal, state, and local resources are being used.
Fourth, and finally, is protecting the integrity of Nigeriaʼs financial system. The cowardly
kidnapper, corrupt o icial, and fraudster all are seeking to launder their money. Taking steps
to make your banking system more secure will help reduce the ability of criminals, terrorists,
and others to illicitly use the Nigerian financial system.
I applaud the leadership of the Tinubu Administration in committing to work with the Financial
Action Task Force to tackle money laundering and terrorist financing. Our government stands
ready to help work through these steps and challenges in financial institution supervision,
implementing controls in high-risk sectors, and pursuing investigations and prosecutions.

DEEPENING OUR RELAT IONSHIP
President Biden and our whole administration are committed to taking steps in these key
areas that are at the heart of long-term economic growth. As I said at the start, over the past
few decades, progress in Nigeria has not been as fast as many hoped or anticipated.
But, at the same time, the opportunity has never been greater. Your government is pursuing
di icult and bold reforms. Your businesses and founders are bursting with ambition and new
ideas. And the students I talk to are optimistic and demanding; you all are ready to lead
Nigeria to a new chapter. And the United States looks forward to being a partner as you build
an economy that works for all Nigerians.
With that, I am eager to hear from you all and have a conversation. Thank you all.
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