NIGERIA LACKS A MACROECONOMIC STRUCTURE TO DRAW IN FOREIGN DIRECT INVESTMENTS, ACCORDING TO THE US

Babatunji Wusu –

According to the US Government, Nigeria lacks the macroeconomic infrastructure to solve its problems with currency instability.

At a recent roundtable with business executives in Lagos State, Wally Adeyemo, the US Deputy Secretary of the Treasury, confirmed this.

He asserts that there is no quick and simple answer to the nation’s economic problems. Nevertheless, he expressed confidence that the nation would draw foreign investment with enhanced fiscal policies in addition to current ones.

To be honest, there isn’t a simple, fast solution to such problems. True partners are like that. Nigeria lacks the macroeconomic infrastructure necessary to attract more foreign direct investments, notably those denominated in dollars.

The first moves the administration has taken in regards to their fiscal policies and their efforts to harmonize currency rates are positive. They are aware that more work has to be done.