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Adewale Adeyemo (Wally)

We’ll invest in small, large enterprises to boost Nigeria’s economy – Adeyemo

U.S. Deputy Treasury Secretary, Wally Adeyemo with some Tech Founders at Vibranium Tech City

By Funmilola Gboteku/ Stellamaris Ashinze

Lagos, Sep. 19 , 2023

The U.S. Deputy Treasury Secretary, Wally Adeyemo, says the U.S. government will be investing in small, medium, and large enterprises to boost Nigeria’s economy.

Adeyemo disclosed this on Tuesday while speaking to the media during his visit to some tech founders at the Vibranium Tech City, Ikeja.

According to him, three out of five Nigerians are under the age of 25 and by 2050, Nigeria will be about 400 million people, which will be bigger than the U.S.

“We don’t only share economic prospects, but we share values with more than 500,000 Nigerian -Americans, who go between Nigeria and America on a regular basis.

“Our goal is to make sure that the talented people who live here in Nigeria have the opportunities to realise their dreams here and be able to take advantage of the opportunities that exist in Nigeria,” he said.

Speaking on brain drain, Adeyemo  said that the exit of many Nigerians to the U.S. was now yielding positive results for Nigeria as many of them were returning to establish businesses in the country.

The Deputy Secretary of Treasury, who is in Nigeria to deepen bilateral relations between the two countries, said he had met with many Nigerian-Americans who had  just returned to the country to set up businesses.

He said that most of them were coming back because Nigeria had lots of prospects.

“Today, I had an opportunity to meet with a number of Nigerian- Americans, who have actually moved back to Nigeria to start companies,” he said.

Adeyemo said that one of reasons for coming to Nigeria was for partnership, noting that there were lots of talents in the country and the U.S. government would be happy to invest in them to help the economy grow.

On removing barriers to investment, Adeyemo noted that the U.S. government would work with the Nigerian government to ensure that barriers to investments between the two countries were removed.

He explained that this would ensure that investors in both countries had easy access to the markets.

“I am excited to be here today because it has given me a chance to see Nigeria and Innovation at its best and to see the innovative companies that are being built here and I must say there are lots of potentials in Nigeria.

“American investors and companies want to be partners in doing that work.

“We want to make sure that we are partnering with the government to remove barriers to ensure that Nigerian investors have the ability to access the U.S. markets and vice versa.

“We are encouraged by the early steps of the new Nigerian administration, and we look forward to working with them, ” he said.

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