Deputy Secretary of the Treasury, Wally Adeyemo, is embarking on a crucial visit to Lagos, Nigeria, from September 17 to 19, 2023, as part of the Biden Administration’s commitment to enhancing economic and trade relations with Africa.
This visit aims to deepen the strong bonds between the United States and Nigeria, focusing on cultural and economic ties. Deputy Secretary Adeyemo, the highest-ranking Nigerian-American official in the Biden Administration, will emphasize the potential for strengthening business, investment, and partnerships in Nigeria, with a particular focus on entrepreneurship, youth development, and women’s empowerment.
The visit follows Secretary Yellen’s groundbreaking trip to Senegal, Zambia, and South Africa earlier in the year, marking the first extended visit by a Treasury Secretary to sub-Saharan Africa since the Obama Administration.
It also aligns with the Administration’s renewed engagement with the African continent, as underscored during the U.S.-Africa Leaders Summit last year.
Nigeria, as Africa’s largest population, democracy, and economy, holds strategic importance on the continent. Deputy Secretary Adeyemo will highlight the critical role of Nigeria’s people in shaping the country’s economic future. Leveraging the vast Nigerian diaspora, including Nigerian-Americans who have excelled in businesses, is seen as a significant aspect of this process.
During his trip, Deputy Secretary Adeyemo will engage with entrepreneurs and leaders in the business community to gain insights into how the United States can enhance partnerships for a stronger Nigeria.
Discussions will encompass opportunities offered by initiatives like the African Growth and Opportunity Act (AGOA), which grants eligible sub-Saharan African countries, including Nigeria, duty-free access to the U.S. market for a wide range of products.
The trip will also showcase various tools available through the U.S. government to promote investment in Nigeria, with a particular focus on infrastructure development. Initiatives such as Power Africa, the U.S.
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Furthermore, Deputy Secretary Adeyemo will underscore the U.S. commitment to catalysing private investment through Multilateral Development Banks (MDBs) to address global development challenges.
The visit itinerary includes major addresses on the U.S.-Nigeria economic relationship, banking and financial sector discussions, meetings with U.S. companies operating in Nigeria, a tour of the Vibranium Valley technology incubator, visits to Ogidi Studios, and ReelFruit, a woman-owned agribusiness company.
The trip will conclude with meetings with senior Nigerian government officials on the sidelines of the U.N. General Assembly in New York. Further details regarding this portion of the visit will be made available in the coming days.
