SMEs will sustain Nigeria’s economic growth— U.S. Treasury Deputy Secretary

Wally Adeyemo, U.S. Deputy Secretary of Treasury.

While demographics and capital can fuel a Nigerian economic boom, small and medium sized enterprises will sustain its growth, says Wally Adeyemo, U.S. Deputy Secretary of Treasury.

Adeyemo, the highest-ranking member of African diaspora in the Biden administration, who is on a trip to Nigeria, said this on Monday during his visit to Lagos Business School.

He delivered an economic policy speech titled “U.S. – Nigeria Economic Relations: People, Entrepreneurship, and Investment.”

According to him, there are more than 40 million micro, small, and medium sized business in Nigeria, which employ more than 80 per cent of Nigerians.

These businesses, he said represent the beating heart of the Nigerian economy.

“In order for these businesses to thrive, they need government policy to go from being the problem to providing solutions.

“Nigerians are at the heart of the innovation that is blossoming all over Africa. From arts to technology, the economy is more diverse today than even a few years ago.”

Adeyemo said the Biden Administration recognised that Nigeria’s economic success was not only important to the approximately 200 million citizens but also to the region, the continent, and the global economy.

He said Nigeria’s economic and social impact could be felt well beyond her borders with a diaspora that had spread across the world, bringing with them the unbounded creativity and innovation found in every city and village.

The Deputy Secretary stressed that the United States stood ready and eager to partner with the Nigerian people and government on the quest to build a better future.