The United State Deputy Secretary of Treasury, Wally Adeyemo has disclosed that in order for Nigeria to attract foreign investors to the country, there is need to develop a macroeconomic framework.
He said that lack of macroeconomic framework is why the country failed to attract more dollar denominated foreign direct investments to boost its economy.
Adeyemo made the disclosure while speaking at the Lagos Business School (LBS) at a forum with business leaders in Lagos.
He noted that the government needs to develop a macroeconomic framework that will demonstrate its commitment to the fundamentals, and in turn attracts foreign investors to the country and help the country’s economy thrive.
Adeyemo, who spoke on the US-Nigeria Economic Relationship, praised the early steps taken by the federal government in terms of the fiscal policy and unification of the exchange rate.
“Nigeria lacks a macroeconomic framework that is going to help to bring more foreign direct investments including dollar-based foreign investments into the country.
“The early steps the government has taken is good in terms of what they have done (fiscal policy), in terms of what they are trying to do with unifying the exchange rates. More needs to be done and they recognise that. The truth is as companies around the world become more comfortable with their approach, you would expect that Nigeria would be a destination for FDI,” Wally Adeyemo said.
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