Speaking at the 2016 Annual Lecture of the Hubert H. Humphrey Fellowship Alumni Association in Lagos, Bray, in his keynote address entitled “The Challenges and Opportunities of Managing a Recessionary Economy: The American Experience’’, the United States Consul-General in Nigeria, Mr. John Bray has highlighted the need for Nigeria to learn from the economic experience of the United States as their economies have similarities.
Bray highlighted how foreign direct investment has enabled the American economy to grow in leaps and bounds. “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.” Leadership News reports Bray as saying.
Bray further hoped that Nigeria could learn from this and increase its attractiveness to foreign investors. “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. 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.
In order to achieve this, Bray said that Nigeria must emulate the qualities that continue to make the United States the number one destination for FDI in the world. Some of these qualities, Bray said, include foreign investors’ confidence of fair treatment, profit repatriation and rule of law.