US committed to assisting Nigeria realize economic potential - Bray

US committed to assisting Nigeria realize economic potential - Bray

By Prisca Sam-Duru

U.S Consul General, Lagos, John Bray yesterday said that as a partner and friend, the United States remains committed to helping Nigeria realize its economic potential.

Bray who spoke on the topic “The Challenges and Opportunities of Managing a Recessionary Economy: The American Experience” at the 2016 Hubert Humphrey Alumni Association Annual Lecture held in Lagos, noted that “As the most populous country on the continent and as the largest economy in Africa, Nigeria clearly stands to gain from increasing its attractiveness to foreign investors. As in the case for the U.S. economy, FDI offers much to contribute to Nigeria’s ability to grow its economy and increase its global competitiveness.” Insisting that “There is not a one size fits all solution, based on the American experience of dealing with recessionary economies it is clear there is no simple answer.
Different times, different circumstances require a unique set of fiscal and monetary policies.

I feel confident saying that the solution is both inside and outside of Nigeria. I am also confident in saying that the policies do make a difference. They can make things worse, they can make things better.

The lesson learned in the wake of the Great Depression is that economies stand to gain more by being open than by being isolationist.

The United States continues to be the number one destination for foreign direct investment for several reasons, including: the confidence foreign investors have that they will be treated fairly, that they can repatriate profits, that the rule of law is supreme, and that it is relatively easy to do business.

At the Department of Commerce, we work every day to strengthen America’s best assets such as our highly productive workforce and our commitment to innovation to ensure that the United States remains the most attractive destination for investment.

I hope that Nigeria will use the current recession as an opportunity to adopt and implement economic reforms to address challenges that existed before the current recession began but that will still need to be met and overcome after the recession ends, which we all know will happen, in order to set this country on course for long-term sustainable development and help it to bring greater prosperity to all the people of Nigeria.”