Commerce secretary Penny Pritzker has said
that President Muhammadu Buhari’s foreign-exchange policies are
hindering the ability of United States companies to do business in
Nigeria.
According to her, the American companies have “been quite explicit it’s a barrier to trade.”
Mail and Guardian reports that Pritzker giving an interview in Lagos on January 25, Monday, said that the strategies also hurt Nigerian companies because they import about 52% of their production and need dollars to pay for those.
The commerce secretary added that she will discuss the matter with Buhari and his vice Yemi Osinbajo in Abuja, the capital, on Tuesday.
US official said: “It sounds like you’re starting to see factory lay-offs. That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.”
Central Bank of Nigeria with the president’s support has attempted stop the naira weakening amid a rout in prices of oil, which gives Africa’s largest oil producer with almost all export earnings, by limiting imports and foreign exchange trading.
The regulator has pegged the naira at 197-199 since March. However, the black market rate fell to a record 305 in January.
America is the biggest foreign investor in Nigeria, according to the State Department. According to US data bilateral trade is $18.2 billion in 2012 in favour of Nigeria.
According to her, the American companies have “been quite explicit it’s a barrier to trade.”
Mail and Guardian reports that Pritzker giving an interview in Lagos on January 25, Monday, said that the strategies also hurt Nigerian companies because they import about 52% of their production and need dollars to pay for those.
The commerce secretary added that she will discuss the matter with Buhari and his vice Yemi Osinbajo in Abuja, the capital, on Tuesday.
US official said: “It sounds like you’re starting to see factory lay-offs. That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.”
Central Bank of Nigeria with the president’s support has attempted stop the naira weakening amid a rout in prices of oil, which gives Africa’s largest oil producer with almost all export earnings, by limiting imports and foreign exchange trading.
The regulator has pegged the naira at 197-199 since March. However, the black market rate fell to a record 305 in January.
America is the biggest foreign investor in Nigeria, according to the State Department. According to US data bilateral trade is $18.2 billion in 2012 in favour of Nigeria.
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