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U.S. Treasury Official Harps on Safeguarding Nigeria’s Financial Sector to Combat Corruption
U.S. Treasury Official Harps on Safeguarding Nigeria’s Financial Sector to Combat Corruption
In a recent meeting with Mr. Gregory LoGerfo, the deputy coordinator for the Bureau of Counterterrorism overseeing Regional and Multilateral affairs in Nigeria, Mr. Eric Meyer, U.S. Treasury Deputy Assistant Secretary, underscored the critical importance of securing Nigeria’s financial sector in the fight against corruption.
Meyer highlighted the need to root out bad actors who exploit the financial sector for illicit activities like terrorism support, money laundering, and corruption. He emphasized the U.S. Department of the Treasury’s commitment to fortifying Nigerian financial and law enforcement institutions in the battle against corruption and illicit finance.
He stated, “We will share information on identified risks and vulnerabilities resulting from bad actors who persistently misuse Nigeria’s financial sector for corrupt practices. Our collaboration with the Nigerian government aims to combat money laundering and terrorism financing.”
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Meyer further emphasized that the U.S. Department of the Treasury is actively working to strengthen partnerships with Nigeria, with the aim of generating increased investment and opportunities for both nations. He outlined key areas of focus, including a stable Naira, a strategic fiscal plan for vital investments in infrastructure and social services, eradicating corruption, and safeguarding the integrity of Nigeria’s financial system.
In his remarks, Mr. Gregory LoGerfo expressed pride in the U.S.’s substantial investments in Nigeria, totalling over $5.5 billion in foreign direct investment. He highlighted Nigeria’s significance as the U.S.’s second-largest trading partner in Africa, with bilateral trade surpassing $10 billion. Additionally, he noted Nigeria’s pivotal role as the second largest U.S. export destination in Sub-Saharan Africa, reaching $3.4 billion in 2022.
LoGerfo recognized the active involvement of prominent American companies in Nigeria, including Google, Microsoft, Corning, Equinix, and others, who have demonstrated a strong commitment to Nigeria’s digital economy. He also emphasized Nigeria’s eligibility for preferential trade benefits under the African Growth and Opportunity Act (AGOA).
In conclusion, LoGerfo reiterated the U.S.’s dedication to collaborating closely with Nigeria to create a secure environment conducive to economic growth and development, emphasizing the critical role of eliminating financial insecurities in achieving this goal.
