US expresses concerns over forex ban to American organizations in Nigeria

Mary Leonard, the US Ambassador to Nigeria, has underlined her government’s worry over the availability and accessibility of forex to US organizations.

“This includes, among other things, the ability to repatriate earnings and meet loan obligations on time, child labor, and respect for the rule of law,” she explained.

Ms. Leonard conveyed her concerns when she met with Adeniyi Adebayo, Minister of Industry, Trade, and Investment.

This was said by the minister’s media aide, Ifedayo Sayo, in an Abuja statement on Sunday.

Mr. Adebayo agreed to relay the US government’s concerns to the impacted government entities, according to Mr. Sayo.

Meanwhile, Ms. Leonard stated that under the African Growth and Opportunity Act, Nigeria will continue to be eligible for preferential trade access to the US market (AGOA).

Nigeria became qualified for AGOA after a review of the standards set by the US Congress, according to Ms. Leonard.

She stated that the formation of a market-based economy, rule of law, political pluralism, right to due process, fair trial, and equal protection under the law were among the conditions for eligibility.

“Others include the removal of trade and investment barriers in the United States, poverty-reduction programs, a system to combat corruption and bribery, and preservation of globally recognized workers’ rights,” she said.

Ms. Leonard emphasized that one of the AGOA requirements was that the benefiting country must respect globally recognized human rights.

According to her, the US administration highlighted Nigeria’s efforts in diversifying and strengthening its market-based economy during the AGOA eligibility assessment.

Mr. Adebayo was pleased with the report issued by the US government, which permitted Nigeria to maintain preferential trade access to the US market.

The report, according to the minister, confirms the country’s success in repositioning its economy for better performance.

He added that the Presidential Enabling Business Environment Council (PEBEC) was established by the federal government to strengthen the business environment.

He promised that the administration would continue to work to strengthen bilateral trade ties.