U.S. raises issues over blockade of foreign exchange to American companies in Nigeria

The U.S. Ambassador to Nigeria, Mary Leonard has expressed her authorities’s concern on the provision

The U.S. Ambassador to Nigeria, Mary Leonard has expressed her authorities’s concern on the provision and accessibility of U.S. companies to foreign exchange.

“That is notably the flexibility to repatriate income and fulfil mortgage obligations in well timed method, youngster labour and respect for the rule of legislation,” she stated.

Ms Leonard expressed the issues when she visited the Minister of Trade, Commerce and Funding, Adeniyi Adebayo.

This was contained in a press release by the minister’s media aide, Ifedayo Sayo, on Sunday in Abuja.

Mr Adebayo promised to convey the issues of the U.S. authorities to the affected businesses of presidency, Mr Sayo stated.

In the meantime, Ms Leonard assured that Nigeria will proceed to be eligible for preferential commerce entry to the U.S. market underneath the African Progress and Alternative Act (AGOA).

Ms Leonard stated that Nigeria grew to become eligible after a overview of the factors set by the U.S. Congress underneath AGOA.

She stated that the factors for eligibility amongst different issues included the institution of a market-based economic system, rule of legislation, political pluralism, proper to due course of, honest trial and equal safety underneath the legislation.

“Others are elimination of obstacles to U.S. commerce and funding, financial insurance policies to scale back poverty, a system to fight corruption and bribery, and safety of internationally recognised employees rights,” she stated.

Ms Leonard emphasised that AGOA standards additionally required the benefitting nation to respect internationally recognised human rights.

Based on her, in the course of the AGOA eligibility overview, the U.S. authorities famous the progress Nigeria made to diversify and strengthen the market-based economic system.

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Mr Adebayo expressed happiness with the U.S. authorities’s report which allowed Nigeria to proceed to get pleasure from preferential commerce entry to the U.S. market.

The minister stated that the report was an affirmation of the progress the nation was making to reposition the economic system for higher


He defined that the federal authorities had established the Presidential Enabling Enterprise Setting Council (PEBEC) to enhance the enterprise atmosphere.

He assured that the federal government would proceed to deepen commerce relations between the 2 international locations.