Tuesday, July 23, 2024

SMEs will sustain Nigeria’s economic growth, says U.S. Treasury

Wally Adeyemo said that over 40 million micro, small, and medium-sized businesses in Nigeria employ more than 80 per cent of Nigerians.

• September 19, 2023
Lagos market
Lagos market, used to illustrate story

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.

Mr Adeyemo, the highest-ranking member of the African diaspora in President Joe Biden’s 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, more than 40 million micro, small, and medium-sized businesses in Nigeria 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,” stated Mr Adeyemo. “From arts to technology, the economy is more diverse today than even a few years ago.”

Mr Adeyemo said Mr Biden recognised that Nigeria’s economic success was important to the approximately 200 million citizens and 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 to build a better future.

Mr Adeyemo said some of the steps needed for the type of growth that would create economic opportunity for Nigerians include stabilising the naira, a fiscal strategy that would provide the resources to make critical investments, rooting out corruption and protecting the integrity of Nigeria’s financial system.


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

INEC Photo (Credit: Punch Newspapers)


Edo Guber Poll: INEC calls for active participation of young female voters

INEC said that statistics showed that more males voted in the 2023 general election than females.

Jigawa Governor Umar Namadi


Accept hardship as trial from God, Gov. Namadi tells Nigerians

“People should turn to God, repent, seek for forgiveness and divine intervention on the challenges,” he said.

Illegal refineries destroyed in Ondo

Port Harcourt

Navy destroys camp, nab two suspected oil thieves in Rivers

He said the team deployed drone surveillance for situational awareness.

Bayelsa State governor, Douye Diri


Gov. Diri commends FG for upgrading two forests to national parks

The conservator-general said the federal government was keenly committed to the running of the new parks.

Ogun Assembly and MRI machines


Ogun assembly recommends purchase of MRI machines for state-owned hospitals

Ms Elemide said that the equipment would greatly improve healthcare delivery in the state



UniAbuja ASUU suspends 82-day strike

“The congress unanimously resolved to suspend the strike so that the university administration will be able to look at the issues,” he said.