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The United States believes that Nigeria’s monetary policy is commendable and enhances economic growth

The United States believes that Nigeria's monetary policy is commendable and enhances economic growth

The United States government has praised Nigeria’s monetary policy for supporting business growth as well as strengthening and positioning the country’s economy for overall growth. US Deputy Assistant Secretary at the Department of State’s Bureau of African Affairs, Joy Basu, made this known during a digital press conference with several select journalists in Abuja.

Basu said the United States was committed to supporting cooperation with Nigeria to address the myriad pressing issues and obstacles facing Nigeria, Africa’s largest economy.

The envoy said her country was working closely with the US Treasury, Nigerian authorities and African central banks to ensure economic recovery, stability and prosperity of the public and private sectors in Africa.

Speaking in the context of the recently concluded 16th US-Africa Business Summit in Dallas, Texas, Basu said the United States is also working to reduce the security, infrastructure and energy challenges facing Africa.

“We have just returned from a meeting in Abuja between the Secretaries of State and the United States, who want to be a good, forward-looking partner. We have made commitments to work on the security, infrastructure and energy situation, which is a common challenge not only in Nigeria but in some other countries on the continent.

“We have made specific commitments to work toward an enabling business environment in Nigeria and to ensure that U.S. companies investing in Nigeria have a transparent experience.


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“We are working closely with the U.S. Treasury and the central banks of African countries, particularly Nigeria and the World Bank, to restore the economy, help people and ensure public and private enterprises thrive,” she said.

Reta Lewis, president of the U.S. Export-Import Bank, in her remarks highlighted U.S. efforts to strengthen trade and investment in Africa and stressed the importance of transparency and accountability in supporting stronger U.S.-Africa partnerships.

She revealed that the US government has committed $900 billion to build solar power plants in Africa, representing the largest renewable energy project and deal this year.

Lewis announced that Eximbank has approved over $1.6 billion for the development of small and medium-sized enterprises (SMEs) in sub-Saharan Africa and has signed memorandums of understanding with six African governments and institutions.

She added that the US government had signed memorandums of understanding worth $1.3 billion with Afreximbank, the Africa Finance Corporation and the Nigerian Industrial Bank, saying such interventions were aimed at boosting competition and promoting economic growth.

“We stand ready to work with African countries and stakeholders covered by these MoUs to engage in cooperation and promote competition. 88.5 percent of Exim’s annual transactions involve small businesses. “We believe that small businesses will be part of our work not only in the U.S. but also in Africa,” she said.

Lewis urged journalists attending the conference to always highlight the positive progress the United States has made to support businesses and support economic growth in Africa amid the prevailing challenges on the continent.

Also speaking, Alice Albright, CEO of Millennium Challenge Corporation, said that of the $17 billion the United States has invested in Africa, about $10 billion has gone to infrastructure projects. Customs handed over fake US dollars and 148 drones to the EFCC army