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Stabilizing Nigeria’s currency and protecting the integrity of Nigeria’s financial system are among the top reform priorities the US sees as necessary to spur growth in Africa’s biggest economy, Deputy Treasury Secretary Wally Adeyemo said.
“Unifying Nigeria’s foreign-exchange rates will create the kind of macroeconomic stability that is essential to attracting foreign investment,” he said in remarks prepared for delivery at an event in Lagos, the nation’s commercial capital.
Adeyemo — the son of Nigerian emigrants to the US — is traveling in the country Sept. 17-19 as part of the Biden administration’s efforts to deepen US-Africa economic and trade relationship.
Among other economic-reform goals the Treasury official outlined Monday were the need to root out corruption and the perception of graft in the business environment.
“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,” he said.
Adeyemo commended the Tinubu administration for committing to work with the Financial Action Task Force — the global financial watchdog — 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,” he said.