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…