Adeyemo spoke on Monday at the Lagos Business School (LBS), where he highlighted some of the steps needed for the type of growth that creates economic opportunity for the Nigerian people.

Enase Odu Okonedo, vice chancellor of the Pan Atlantic University (PAU) moderates a session with Adeyemo.

The US official said Nigeria needs to invest in digital infrastructure, improve its macroeconomics as well and create a conducive economic environment, to attract foreign investments.

“First, Nigeria needs a stable naira. Unifying Nigeria’s foreign exchange rate will also create the kind of macroeconomic stability that is essential to attracting foreign investment,” he said.

“We commend the difficult steps your government has already taken to accomplish this goal. The path to unification is not an easy one as everyone is experiencing, but going backwards would be even worse.

“Second, the government needs to articulate and implement a credible fiscal strategy that will provide the resources to make critical investments.

The agricultural sector remains Nigeria’s top employer.

“I recognise the decision to end fuel subsidies is hard for many Nigerian households. But it was an important early step to create resources that the government can use to invest in physical and digital infrastructure, education, and a strong small business environment.

“There is nowhere this need is greater than the agricultural industry, which, despite the digital revolution going on in Nigeria, remains Nigeria’s top employer.

“Its full potential, of course, is held back by issues like access to fertilisers, limited use of new technology, access to water and land and the availability of credit and high market entry costs.”

UPROOTING CORRUPTION TO IMPROVING BUSINESS

Speaking further, Adeyemo said Nigeria needs to root out corruption and its perception in the business environment.

This, he said, would go a long way in removing fears from potential investors.

The US official believes that creating economic opportunity would require a government-wide drive to address these fears, “by shining a light on corruption, holding people accountable, and taking meaningful steps to improve the business climate”.

“Nigeria is a hotbed for digital entrepreneurs taking simple steps by moving government functions online,” he said.

“So Nigerians can apply for business licenses and visas using their smartphones and computers will help improve services productivity, and reduce opportunities for fees to go to the pockets, rather than government coffers.”

Adeyemo said protecting the integrity of Nigeria’s financial system was also imperative in sustaining economic growth.

“The cowardly kidnapper, corrupt official, and fraudster all are seeking to launder their money,” he said.

“Taking steps to make your banking system more secure will help reduce the ability of criminals, terrorists, and others to illicitly use the Nigerian financial system.”

Adeyemo applauded the leadership of President Bola Tinubu for the effort so far.

He added that the US government is committed to working with the Financial Action Task Force to tackle money laundering and terrorist financing in Nigeria.

“Our government stands ready to help work with them to take these steps as quickly as possible,” he added.

He also said Biden’s administration believes deeply in the importance of deepening the relationship with Nigeria.

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“Wally” Adeyemo, who was a former senior international economic adviser during the Obama administration has spent his career working with organizations that are at the intersection of public policy, the private sector and non-profits focused on creating economic opportunity.

In a congratulatory message, Dabiri-Erewa said that Adeyemo’s nomination by the US President-Elect will make him the first-ever black person to be the Deputy Secretary of the USA Treasury.

The NIDCOM boss acknowledged that Adeyemo’s nomination is not surprising going by the success he attained in the various positions he held before now.

She wished Adeyemo a smooth, flawless senate confirmation and unparalleled success on his new job.

Adeyemo, before working in the Obama Administration, was working as Editor at Hamilton Project where he worked as Senior Adviser and Deputy Chief of staff to Jack Lew of United States Department of Treasury.

He currently serves as the President of the Obama foundation but before his appointment as the President of the Obama Foundation, he has served in various positions in the Obama administration.
He was the deputy director of the National Economic Council; The assistant Secretary for the international markets and development at the Treasury Department; Deputy Chief of Staff of the Treasury department in 2012; Chief of staff of the Consumer Financial Protection Bureau in 2010.

Adeyemo got his Degree from the University of California, Berkeley and his Juris Doctor from Yale Law School.

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Adeyemo, appointed as the president of the Obama Foundation in 2019, will work with Janet Yellen, nominee for the position of treasury secretary, according to The Wall Street Journal.

The Nigerian-American had served in the administration of former president Obama as deputy national security adviser (NSA) for international economics.

He is reputed to have helped the US combat the global economic recession of 2008.
Biden’s economic team are mostly people who had served in the administration of Obama.

They reportedly played key roles in tackling the financial crisis that hit the US under the Obama presidency.

Adeyemo has held several management positions at the US department of the treasury, including senior adviser and deputy chief of staff — a position he held for about three years.

He is currently on the boards of Golden State Opportunity Foundation and Aspen Strategy Group, among others.
He was an editor for the Hamilton Project at the Brookings Institution from 2008 to 2009.

Adeyemo is a graduate of the University of California, Berkeley and Yale Law School. While at Yale, he was the co-director, project on law and education for the university.

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Adeyemo had served in the administration of former president Obama as deputy national security adviser (NSA) for international economics and he is reputed to have helped the US combat the global economic recession of 2008.

According to the foundation, Adeyemo will lead ‘’the implementation of the organisation’s strategic plan and managing its organisational structures and functions’’.

“Wally is the ideal person to help lead the foundation team as we continue to grow the impact of our global civic engagement programs and advance the Obama Presidential Centre,” Martin Nesbitt, chairman of the foundation’s board, said in a statement.

“Given his executive experience in both the public and private sectors and previous service with President Obama, Wally is well positioned to help us continue to translate our sky-high ambitions into operational reality through daily leadership of our talented staff.”

Adeyemo helped in the establishment of the US Consumer Financial Protection Bureau, and he was described as the ”point person” on a range of international economic issues, including negotiations on strong currency agreements around the trans-pacific partnership, by Obama.

The 39-year-old graduated from the University of California, Berkeley, with a bachelor’s of arts, before moving to Yale Law School, where he bagged his Juris Doctor (JD) for further studies in specialised law. While at Yale, he was the co-director, project on law and education for the university.

Adeyemo is the first-ever president of the foundation.

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