The United States Ambassador to Nigeria, Mr. Terence McCulley, has identified corruption and insecurity as key impediments to investment in Nigeria.
McCulley said though the two countries had established a strong and far-reaching trade partnership over the years, there was a need to improve the climate for trade and investment in Nigeria.
A statement by the US Consulate in Lagos quoted McCulley as saying this while delivering a speech to mark the 236th Independence Day of the US in Abuja on Wednesday.
He said, “Nigeria is America’s largest trading partner in Sub-Saharan Africa, exporting more goods to the United States than any other country.
“Nigeria will become more 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 Nigerians will benefit.
“Corruption and insecurity are impediments to investment. There is also more to be done to improve the climate for trade and investment in Nigeria.
“Economic stability, investment, and peace go hand-in-hand. The Nigerian people deserve effective and accountable security forces to counter violent extremism”.
McCulley pledged his country’s resolve to help Nigeria overcome the challenges impeding local and foreign investment.
He said, “American investors are watching. They see Nigeria as a significant and long-term investment, and the US government and its mission in Nigeria are committed to working with our Nigerian partners.”
He said the partnership would address the challenges the country faces, and improve investment opportunities for Americans and Nigerians alike.