US to invest $600m in Nigeria in 2016 – Official

The US Government would invest $600 million as development assistance to Nigeria in 2016, the US Secretary of State, John Kerry, has said.
Kerry made this known in a statement issued by the Public Affairs Unit of the US Embassy in Abuja on Thursday.
Kerry was quoted as saying this at a bilateral meeting between Nigerian and US officials in Washington D.C.
The US Secretary said: “Our development assistance this year will top $600 million.
“We are working closely with your leaders, the leaders of your health ministry, to halt the misery that is spread by HIV/AIDS, by malaria, and by TB.”
Kerry then lauded President Muhammadu Buhari’s actions in the area of security and the attempt to diversify the economy.
He said: “The US is very encouraged by President Buhari’s commitment to diversify the Nigerian economy in order to make it less dependent on a single commodity for export earnings, and that means we need to develop sustainability.
“Sustainable growth depends on a climate that is welcoming to investment and respectful of the environment and of workers’ rights.”
Kerry added that the US Power Africa Initiative was aimed at strengthening the energy sector, where shortage in electricity frustrated the population and impeded growth.
Kerry said the US Young African Leaders Programme, which many Nigerians participate in, was preparing the next generation to take the reins of responsibility.
He noted that the US was working with Nigeria in the area of education to fight illiteracy, especially in the Northern part of the country.
He said: “We are working together to fight illiteracy, especially in the country’s north, where the lack of opportunity has been holding people back and Boko Haram murdered thousands and disrupted million lives.”
The statement quoted Nigeria’s Foreign Minister, Geoffrey Onyeama, as commending the US support to Nigeria.
Onyeama said the President Muhammadu Buhari-led administration had put in place measures to diversify the nation’s economy.
He said: “We’re really looking to diversify into areas such as agriculture, solid minerals and other extractive industries.
“We have to promote our manufacturing sector and look at sustainable economic growth.
“For sustainable economic growth, we appreciate that we have to also develop a manufacturing base.”
The foreign minister said Nigeria was also placing emphasis on Foreign Direct Investment.
Onyeama said this was key to the economy and stressed the need for Nigeria to do a lot more to make it an attractive place for business.
NAN.