The United States Government says Nigeria lacks the macroeconomic framework to address its challenges of foreign exchange instability.
The US Deputy Secretary of Treasury, Wally Adeyemo, disclosed this recently at a forum with business leaders in Lagos.
He landed in Nigeria on Sunday as part of the President Joe Biden administration’s commitment to deepening the US – Africa economic and trade relationship.
According to him, there is no quick and easy solution to the country’s economic challenges.
He, however, lauded President Bola Ahmed Tinubu’s recent economic reforms on forex exchange market unification.
The US Deputy Secretary is optimistic that the country would attract foreign investments with improved fiscal policies, in addition to recent policies of Tinubu’s administration.
Adeyemo said the government needed to develop more fiscal policies to reposition its economy.
“There is no quick, easy solution to those challenges; I want to be honest. That is what true partners are,” he said.
“Nigeria lacks a macroeconomic framework that will help bring more foreign direct investments, including dollar-based foreign investments.
“The early steps the government has taken are good regarding what they have done (fiscal policy) and what they are trying to do with unifying the exchange rates. More needs to be done, and they recognise that. As companies worldwide become more comfortable with their approach, you would expect Nigeria to be a destination for FDI.”
Gistmania recalls that on June 14, the Central Bank of Nigeria introduced forex unification; however, the instability in the market had continued as the Naira exchanged at N789.50 against the Dollar at the official window.
Financial experts Idakolo Gbolade and Muda Yusuf are optimistic that the appointment of Olayemi Cardoso as the new CBN governor means well for the Nation’s forex challenges.
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