The United States Ambassador to Nigeria, Mr. Terrence McCulley, has said that corruption, insecurity and lack of respect for rule of law are some of the impediments to local and foreign investments in Nigeria.
Ambassador McCulley said this yesterday in Abuja at the 236th Independence anniversary of the United States of America.
While noting that Nigerians have a “spirit and history of commerce” McCulley said that the country “will become attractive to both domestic and foreign investors by improving the rule of law. By respecting the sanctity of contracts, and ensuring transparency and accountability, Nigerian and international firms can compete on a level playing field, and all of Nigeria will benefit.”
On corruption and insecurity, the US envoy expressed confidence in the new leadership of Economic and Financial Crimes Commission (EFCC) and that the Nigerians “deserve effective and accountable security forces to counter violent extremism, as well as a coordinated campaign to deliver economic development.”
Nigeria is US largest trading partner in Sub- Saharan Africa with trade between the two countries rising 467 per cent between 2001 and 2011 with the US hopeful of doubling its exports to Nigeria by 2015.
In his response, the Permanent Secretary in the Ministry of Foreign Affairs, Amb. Martin Uhomoibi, agreed with McCulley on the challenges facing Nigeria but said that the nation’s leaders are working to resolve the issues.