OPINION: US-Nigeria Bi National Relationship!
Tony Elumelu Hosts US Sec of Commerce in Lagos…Echoes ‘Our Govt focused on sectoral reforms, rebuilding regulatory capacity/ institutions & investing in key sectors that drive the economy’
*Pleads: “I want to urge our business visitors, accompanying Secretary Pritzker not to be deterred by negative press reports regarding Nigeria”
BY TONY ELUMELU/Chairman, Heirs Holdings
Secretary Pritzker;
My colleagues in the media;
Members of the media; and
Distinguished ladies and gentlemen;
My name is Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu
- I’m delighted to be here today to join in welcoming the Honourable
Penny Pritzker, the U.S. Secretary for Commerce, for what is a very special, perhaps
even historic visit to Nigeria, also known as Africa’s largest economy.
There is clear evidence that Nigeria has a strong relationship with the United
States of America:
* America buys more of our oil than any other country;
* Many of our citizens have pursued higher education and professional careers in the
U.S.;
* We’ve collaborated on numerous peacekeeping initiatives;
* We have a U.S.-Nigeria Bi-National Commission;
* Even as we speak, the U.S. military is lending us their expertise to help recover
our precious daughters from the hands of violent outlaws.
We’ve also been visited in the past few years by various Secretaries of State and
Members of Congress.
And when such senior officials visit us, it says “Your country is important to us”
and “You are our friend.”
However, when the U.S. Secretary for Commerce comes to visit, it says “We see
economic opportunities in Nigeria” and “We want to do business with you.” So I am
especially pleased that Secretary Pritzker is here with us.
A native of Chicago, Illinois, prior to being sworn-in as Secretary of Commerce, the
Honourable Penny Pritzker had distinguished herself as a business leader in her own
As an entrepreneur myself, I am particularly happy to learn that we have similar
business interests. In her business career, the Secretary has been involved in the
financial services, real estate and hospitality industries.
She’s also served on the U.S. president’s council to increase U.S. jobs and
competitiveness, as I’m doing with the National Competitiveness Council here in
The key take away for all of us here, is NOT how much Tony Elumelu and Penny
Prtizker have in common, but how much U.S. and Nigerian businesses have in common.
We’re already doing some business together. And while the Nigerian people are proud
that our oil is helping to power the biggest economies in the world, we are about so
much more than our oil resources.
We are about agriculture; telecoms; real estate and hospitality; entertainment;
banking and financial services and much much more.
The era of brain drain is coming to an end in Nigeria.
Every day Nigerian diasporans are returning home because they recognize their home
country to be a place of opportunity.
Everyday new businesses are cropping up and others are evolving to adopt the high
standards of corporate governance well-established in the US, and other developed
And every day we are increasing our awareness that the Nigerian and African
private-sector has a vital role to play in our continent’s development. I call this
Africaptalism. And we are making real progress.
Our government has been focused on sectoral reforms, rebuilding our regulatory
capacity and institutions, and investing in key sectors that drive the economy. The
Nigerian private sector has similarly responded to these sectoral reforms and public
investments with massive investments in the power, agriculture and financial services.
Next we will tackle the manufacturing sector, which at just 5% of the national
economy has a lot of room to grow.
We need investors and partners and technical expertise to develop our supply chains,
infrastructure and workforce skills.
And American firms and entrepreneurs can help us accomplish this and gain
significant value for themselves.
This is why this visit is not only important, but also strategic at this time.
And it’s why I want to urge our business visitors, accompanying Secretary Pritzker,
not to be deterred by negative press reports.
We in tend to march on towards prosperity.
And together, we can grow Nigeria’s economy while helping U.S. economic recovery.
And growing Nigeria’s economy is what will reduce poverty and create jobs, and drive
out extremists from our society intent on disrupting peace and stability, and the
new Nigerian, and African, story of economic prosperity.
I’ll finish by saying, Secretary Pritzker thank you for your faith and friendship.
More importantly, thank you for your business acumen and for betting on Nigeria,
especially at this time. You should always bet on Nigeria.
I know we are all looking forward to hearing your ideas for increasing US- Nigeria
commercial ties. So the floor is yours.
