US encourages Nigeria to attract more foreign investment as a means to overcome recession

Mr. John Bray, the United States Consult-General in Nigeria advised the country to attract more foreign direct investment as a means of overcoming the current economic recession. This was given at the year’s Annual Lecture of the Hubert H. Humphrey Fellowship Alumni Association in Lagos.The keynote address was titled ”˜The Challenges and Opportunities of Managing a Recessionary Economy: The American Experience.’Mr. Bray further advised the country to use the current recession as an avenue to adopt and introduce economic reforms to address pre-existing challenges before the current recession.According to him, the United States would be the first choice for foreign direct investment because of foreign investors’ confidence of fair treatment, profit repatriation and rule of law. He also said the US was committed to helping Nigeria attain her full potentials.The Association’s patron also noted that the nation failed to diversify into other sectors while relying solely on crude oil and urged the nation to use the current recession as a step to progress in the economy as the US has experienced a similar situation before.