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U.S Offers Solution To Nigeria’s Economic Recession

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The United States Consul-General in Nigeria, Mr John Bray, yesterday said that Nigeria would be able to overcome her current economic recession by attracting more Foreign Direct Investment.

Bray gave the advice in Lagos at this year’s Annual Lecture of the Hubert H. Humphrey Fellowship Alumni Association.

The theme of his keynote address was “The Challenges and Opportunities of Managing a Recessionary Economy: The American Experience’’.

“As the most populous country on the continent and as the largest economy in Africa, Nigeria clearly stands to gain from increasing its attractiveness to foreign investors.

“As in the case for the U.S. economy, FDI offers much to contribute to Nigeria’s ability to grow its economy and increase its global competitiveness.

“I hope that Nigeria will use the current recession as an opportunity to adopt and implement economic reforms to address challenges that existed before the current recession,’’ he said.

Bray said that the U.S. would continue to be the number one destination for foreign direct investment because of foreign investors’ confidence of fair treatment, profit repatriation and rule of law. NAN