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U.S. commends Nigeria’s monetary policies

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The United States government has lauded Nigeria’s monetary policies, as being conducive for businesses to thrive, as well as strengthening and positioning the nation’s economy for overall growth.

According to the News Agency of Nigeria (NAN), U.S. Deputy Assistant Secretary, Bureau of African Affairs, State Department, Joy Basu, made this known at a digital news conference with participating journalists.

Basu said that the U.S. was committed to fostering its collaboration with Nigeria to tackle myriad pressing issues and obstacles, which Nigeria, being Africa’s largest economy, was facing.

The envoy said her country was working closely with the U.S. Treasury, Nigerian authorities, and African central banks towards ensuring public and private sector economic restoration, stability, and prosperity across Africa.

Speaking against the backdrop of the recently concluded 16th U.S.-Africa Business Summit in Dallas, Texas, Basu said the U.S. was also working on curbing Africa’s security, infrastructure and energy challenges.

“We just came back from a meeting in Abuja, which was between the Secretaries of State and the United States and is committed to being a good partner of prospect.

“We have made commitments to work on the security situation, infrastructure and energy, which is a common challenge not only in Nigeria but in some other countries in the continent.

“We have made concrete commitments to work on an enabling business environment in Nigeria and to make sure that American companies that are investing in Nigeria are having a transparent experience.

“We are working closely with our U.S. treasury, and with the central banks of African countries, particularly Nigeria and the World Bank, to restore the economy, help the people, and ensure public and private companies to thrive”, she said.

In her remarks, President of U.S. Export-Import Bank, Reta Lewis highlighted U.S. efforts towards bolstering trade and investment across Africa and emphasised the importance of transparency and accountability in fostering stronger U.S.-Africa partnerships.

She disclosed that the U.S. government had earmarked $900 billion for the construction of solar power plants in Africa, being the largest renewable energy project and transaction this year.

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