U.S. Backs PMB On Economic Diversification

United States yesterday said that President Muhammadu Buhari administration’s efforts in diversifying Nigeria’s economy into non-oil export would make the nation’s export more attractive to America and the rest of world.

Peter Barlerin, Deputy Assistant Secretary, West Africa and Economic and Regional Affairs, was disclosed this at a news conference in Abuja, revealed that the U.S. was considering increasing direct investment in Nigeria.

Barlerin said that the commencement of Shale oil and gas production in the U.S. in the last 10 years had changed American’s economy, making it no longer a major importer of oil, especially from Nigeria.

“It (the revolution) impacted on the oil export from Nigeria. I think this gives an opportunity to Nigeria to diversify the economic and deepen our economic relationship in other ways,” he said

Barlerin further noted that the decline in the oil price had significant impact on Nigeria’s economy, just like any other countries, and commended Buhari’s efforts in trying to improve the country’s economic condition.

“We believe that such efforts would be helpful for the economy because it will make Nigerian exports more attractive to the region, the U.S. and the rest of world.

“It will help Nigerian economy as it would no longer depend on oil as it did in the past. A number of sectors in Nigeria are promising; there are lots of promising exports potential in the services industry, in fashion industry, agriculture and other sectors,” he said.

The envoy said that U.S. would try to increase two-ways trade and investments with Nigeria to deepen the trade relations between the two countries.