Nigerian Start-Ups To Gain ‘Duty Free Access’ To American Market As U.S Treasury Deputy Secretary Adeyemo Visits Lagos
Nigerian-born United States Deputy Secretary of the Treasury, Wally Adeyemo, will be in Lagos, Nigeria between September 17 – 19, 2023, for a number of diplomatic engagements including a meeting with entrepreneurs and start-ups to discuss how they can sell their products by exploring “duty-free access” to the US market.
Duty-free access is the permission given by a host country for another country to export goods into their country without having to pay tax or import duty.
A statement published by the US Embassy and Consulate in Nigeria on its website on Friday, said Adeyemo will connect with Nigerian entrepreneurs, creators, and others to know their perspectives on how the United States can partner more effectively to realize the shared vision of a stronger Nigeria.
“He will discuss the opportunities available through programs like the African Growth and Opportunity Act (AGOA), which has provided eligible sub-Saharan African countries, including Nigeria, with duty-free access to the U.S. market for thousands of products. He will also share the many tools available through the U.S. government to promote investment in Nigeria, especially in the form of high-quality infrastructure that meets Nigerians’ needs, through initiatives like the Partnership for Global Infrastructure Investment (PGI), ” the embassy stated.
Other engagements during his visit include interacting with US companies in Nigeria regarding the challenges it faces.
“On Monday, September 18, Deputy Secretary Adeyemo will deliver major remarks on the U.S. – Nigeria economic relationship at the Lagos Business School.
“While in Lagos, Deputy Secretary Adeyemo will also host a banking and financial sector roundtable with key financial institutions to hear their views on the business and investment climate, as well as how the private sector is dealing with illicit finance risks.
“He will meet with U.S. companies with a large presence in Nigeria to hear about the challenges faced by foreign firms, including those posed by corruption, and how to further build U.S. trade and investment ties.
“He will tour the Vibranium Valley technology incubator in Lagos, where he will meet with entrepreneurs and startup founders, including those in the fintech and health tech spaces.
“The Deputy Secretary will also tour Ogidi Studios, a recording studio that works with top Nigerian musical artists and has partnered with major U.S. entertainment companies, including working on part of the soundtrack for the film Black Panther: Wakanda Forever.
“Deputy Secretary Adeyemo will visit ReelFruit, a woman-owned agribusiness company that has received $2 million in USAID funding to construct a new factory and install new equipment, which will allow the company to meet growing domestic and international demand,” the statement added.
Adeyemo is the highest-ranking Nigerian-American official in President Joe Biden’s government.
He formerly worked with ex-president Barack Obama.
