The U.S Commerce Secretary, Penny Pritzker, has said that Foreign-exchange controls implemented by the Nigerian government over the past year are hindering the ability of U.S. companies to do business in the country.
“U.S. companies have been quite explicit it’s a barrier to trade,” Pritzker said in an interview in the Nigerian commercial capital, Lagos on Monday.
“The policies also hurt Nigerian manufacturers because they import about 52 percent of their inputs and need dollars to pay for those,” she said.
The Central Bank of Nigeria, with Buhari’s backing, has tried stop the currency weakening amid the steady decline in prices of oil, which provides Nigeria with almost all export earnings, by restricting imports and foreign exchange trading.
“It sounds like you’re starting to see factory lay-offs,” Pritzker said. “That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.”
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