WASHINGTON – Deputy Treasury Secretary Wally Adeyemo will visit Lagos, Nigeria, September 17-19, 2023, as part of the Biden Administration’s commitment to deepening U.S. economic and trade relations and Africa. His visit aims to strengthen the already deep people-to-people ties between the United States and Nigeria, a strong and historic partner. In his engagements, Assistant Secretary Adeyemo, the most senior Nigerian-American official in the Biden administration, will highlight the economic and cultural ties between the two countries and discuss how we can deepen our partnership for the benefit of both countries, in develop business and investments in Nigeria with a particular focus on entrepreneurship, youth development and women’s empowerment.
This trip follows Secretary Yellen’s trip to Senegal, Zambia and South Africa in January, which was the first extended visit by a Treasury Secretary to sub-Saharan Africa since the Obama administration. And it comes after President Biden and the administration announced redoubled engagement with the continent at the U.S.-Africa Leaders Summit last year.
As Africa’s largest population, democracy and economy, Nigeria is an important and strategic partner on the continent. The Deputy Secretary will focus on how it is the Nigerian people – its most valuable resource – who will shape and lead Nigeria’s economic prospects. Leveraging the vast Nigerian diaspora across the world, including in the United States, where Nigerian-Americans have built successful businesses and thrived, may be a key part of this process.
During his trip, the Assistant Secretary will meet with entrepreneurs, creators, and other business stakeholders to hear their perspectives on how the United States can partner more effectively to achieve the shared vision of a stronger Nigeria. He will discuss the opportunities provided by programs such as the African Growth and Opportunity Act (AGOA), which provided eligible sub-Saharan African countries, including Nigeria, duty-free access to the U.S. market for thousands of products . He will also share the many tools available from the US government to promote investment in Nigeria, particularly in the form of high-quality infrastructure that meets the needs of Nigerians, through initiatives such as the Partnership for Global Infrastructure Investment (PGI). These include:
- Power Africa, which supported power generation projects for 3,000 MW of new capacity in Nigeria;
- The US Development Finance Corporation, which has a portfolio in Nigeria that includes everything from large energy projects to microfinance to local health clinics;
- The U.S. Trade and Development Agency, which has supported feasibility studies in Nigeria in sectors ranging from health care to internet access to clean energy;
- Prosper Africa, which facilitated 129 transactions worth $1.4 billion, including sectors as diverse as beekeeping and healthcare technology; And
- The PGI, which can provide high-level, values-based infrastructure investments in countries like Nigeria.
In addition, the United States has also played a leading role in supporting the evolution of multilateral development banks (MDBs) and their ability to act with sufficient speed and scale to address many global challenges – and , equally important, to help catalyze private investment that meets global development needs.
As Secretary Yellen said: “We believe that Africa will shape the future of the global economy. Africa’s population boom can create enormous economic opportunities. And its talents and resources can grow global industries and drive global innovation. In other words, Africa’s success will mean success for us all. And the United States is here as a partner to help Africa realize its enormous economic potential at home and strengthen its growing leadership abroad.
- On Monday, September 18, Assistant Secretary Adeyemo will deliver an important speech on U.S.-Nigeria economic relations at the Lagos Business School. Media interested in receiving details of the local event should RSVP at LagosPressUSM@state.gov.
- In Lagos, Assistant Secretary Adeyemo will also host a Banking and Finance Sector Roundtable with leading financial institutions to hear their views on the business and investment climate, as well as how the private sector is coping with the illicit financial risks.
- He will meet with U.S. companies with a large presence in Nigeria to hear about the challenges facing foreign businesses, including those posed by corruption, and how to further strengthen trade and investment ties with the United States.
- He will visit the Vibranium Valley technology incubator in Lagos, where he will meet entrepreneurs and startup founders, particularly those in the financial technology and health technology fields.
- The Deputy Secretary will also visit Ogidi Studios, a recording studio that works with top Nigerian music artists and has partnered with major U.S. entertainment companies, including working on part of the film’s soundtrack. Black Panther: Wakanda Forever.
- Deputy Secretary Adeyemo will visit ReelFruit, a women-owned agribusiness that received $500,000 in USAID funding to build a new factory and install new equipment, which will enable the company to meet domestic demand and growing international.
- After his visit to Lagos, the Assistant Secretary will travel to New York to meet senior Nigerian government officials on the sidelines of the United Nations General Assembly. Further details on this stop will be available in the coming days.