- America Interested in Nigerian Economic Growth, Says Envoy
The United States of America (USA) has reiterated its commitment to continue working with Nigeria towards building a strong private sector and achieving economic growth through bilateral partnership.
The Consul General of the US Consulate in Lagos, Mr John Bray, said America had never lost confidence in Nigerian stock market, noting that Nigerian Stock Exchange (NSE) remained a key institution in facilitating private capital in the local market for business expansion and new business start-ups.
The envoy made the remark yesterday when Bray paid a familiarisation visit to the NSE, during which he was accorded the honour of beating the closing gong to mark the end of trading at the stock market.
Bray said the US government’s interest was to see Nigerian economy grow faster in order to create jobs and business opportunities for the growing population. Without capital investment, the envoy said the needed economic growth may not be achieved against the backdrop of increasing population.
“It is our concern and interest for the Nigeria economy to grow. We have had population projection for Nigeria, which says that the country would be the third most populous country in the world by 2050. Without capital investment and good plans for economic growth to cater for this population expansion, there is not going to be jobs and prosperity anywhere.
“This is a clear message that the United States – both the government and the private sector – is committed to supporting Nigeria as it continues to find new avenues of economic growth and development. The more Nigerian economy grows, the better it is for both Nigerian and American businesses. Open and transparent financial exchanges are an example of a society’s broader commitment to the rule of law and sanctity of contracts,” Bray said.
He acknowledged NSE’s progress in the previous, saying the Nigerian stock market was ranked amongst the top five performers in 2017. The projections, he said, indicated 2018 would be an equally successful year.
He noted that the US government maintained a limited number of Bi-National Commission (BNC) relationships with nations to demonstrate a high degree of friendship, trust and cooperation. Nigeria, he said, is one of the nations with which the U.S. maintained BNC, because it is one of America’s most important partners in Africa.
According to him, there were BNC meetings in Abuja last November, where the Deputy Secretary of State, John Sullivan, pledged the US commitment to expanding cooperation with Nigeria as both countries look to the future. Also, during the period, the US Department of Commerce and the Minister of Industry Trade and Investment, formalised the US–Nigeria Commercial and Investment Dialogue that will help to develop stronger business networks between our countries and help frame subsequent discussions under our Trade and Investment Framework Agreement, to be led by the Office of the US Trade Representative.
In his remarks, Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said the visit by the American envoy to the stock market demonstrated the commitment of the US to its partnership with Nigerian private sector.
Earlier, there was a closed door meeting between the NSE leadership and the Consulate’s delegation. Onyema said discussions during the meeting focused on how the US would help Nigeria to develop its capital market and quoted companies among others.
Other members of the US Consulate’s delegation included Public Affairs Officer, Ms Darcy Zotter and Head of the Consulate Political and Economic Section, Mr Tat Osman, among others.
