15 December 2012

Nigeria: How to Improve Nigeria's Business Clime, By U.S.

The U.S. Department of the Treasury's Assistant Secretary for International Finance, Charles Collyns, has said that transparent, accountable public financial management and good governance are critical to help Nigeria establish sound macroeconomic management and improve the business climate.

Collyns, who visited Lagos and Abuja December 11-13, 2012, also harped on the need to have effective anti-money laundering as well as combating the financing of terrorism controls.

According to a statement from the United States Embassy in Nigeria, the US official also met with senior government officials, representatives of the international financial institutions (IFIs), and members of the financial and private sector to discuss Nigeria's economic development challenges and priorities.

Assistant Secretary Collyns recognized Nigeria's strong recent economic performance and dynamic private sector and emphasized the close economic and financial ties between the United States and Nigeria and Treasury's commitment to close partnership with Nigeria.

He welcomed President Jonathan's ambitious reform agenda aimed at ensuring macroeconomic stability, prudent natural resource and revenue management, and financial sector stability.

The discussions focused on the challenges of sustaining broad-based, inclusive growth vital to alleviating poverty and realizing Nigeria's long-term vision towards becoming one of the world's largest economies.

Collyns highlighted the Treasury Department's partnership with Nigeria through technical support and assistance that the Treasury's Office of Technical Assistance (OTA) has provided to both the Nigerian Deposit Insurance Corporation, as the NDIC seeks to improve the institution's capacity to supervise the financial sector, and to help Nigeria's Federal Inland Revenue service build its self-audit capacity.

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