US earmarks $600m in development assistance to Nigeria

United States Secretary of State, John Kerry, has revealed during the US-Nigeria Bi-National Commission (BNC) meeting a few days ago in Washington DC, that the US has earmarked $600 million in development assistance to Nigeria.

The development assistance comes on the heels of an economic crunch occasioned by plummeting crude oil prices, a commodity that accounts for over 80 percent of Nigeria’s earnings.

“The United States is here to help to meet your needs, to listen to you carefully, to understand what it is that you believe is necessary, and to work with you where we can to implement.  Our development assistance this year will top $600 million, and we are working closely with your leaders – the leaders of your health ministry – to halt the misery that is spread by HIV/AIDS, malaria, and Tuberculosis,” Kerry said.

Kerry reiterated the willingness of the US government to support Nigeria in weathering the storm- ranging from economic, security to health challenges- sweeping through the country, as the government bolsters effort for economic diversification.

“The United States is very encouraged by President Buhari’s commitment to an economy that is more diversified and less-dependent on a single commodity for export earnings. That means we need to develop sustainability.  Sustainable growth depends on a climate that is welcoming to investment and respectful of the environment and of workers’ rights.”

“We have learned in these last 25, 30 years that it is never a competition between the environment and development.  That is a false choice – completely false, and particularly in the context of today’s challenge of climate change.  You can develop in ways that protect the environment and in ways that are competitive and provide jobs for people,” Kerry said.

The US Secretary of State also revealed his country’s unwavering support towards curbing insecurity in Nigeria, which has ripple effects on the African largest economy.

“In recent months, our governments have been collaborating on new ways to institute security measures, including counter-IED equipment, improved information sharing, training and equipping two infantry battalions,” he said.

However, Kerry warned that the security aid is predicated on the understanding that security forces set the standard with respect to human rights, even when countering a group as ruthless as Boko Haram. In his words, “one abuse does not excuse another.”

In line with his recognition of Nigeria as a responsible international partner, well positioned to contribute to the regional and global problem-solving, Kerry concluded that the United States is committed to fighting corruption by supporting institutions like Nigeria’s Economic and Financial Crimes Commission (EFCC) to prosecute corruption cases; as well as back the role of civil society and of the media in exposing corruption and in advocating for greater transparency.

Geoffrey Onyeama, Nigeria’s Foreign Affairs minister, expressed his appreciation to the US in working hand-in-hand with Nigeria to restore the most populous black nation on a path of sustainable economic and political development.

He attributed the enormous security challenges the country faces to the Boko Haram insurgency and was convinced the partnership between the US and Nigeria offers a ray of hope to combating terrorism.

“Terrorism is interlinked around the world.  So our {cooperation} to address a terrorist challenge is absolutely key and vital for the global community.  And we cannot thank you enough for the support you have provided to us in that context,” Onyeama said.

The minister, who believes that the insurgency has drained a lot of resources meant to address economic growth, anticipates economic resuscitation as a domino effect of disintegrating Boko Haram- a deadly terrorist group that has killed and displaced millions in Nigeria.

“We have been a mono-economy, dependent exclusively on oil, which should really not have been the case. We really should have diversified such a long time ago. We are now faced with this challenge and are really looking to diversify into other areas – agriculture, solid minerals, and other extractive industries.

“Foreign direct investment is absolutely key and we have to do a lot more to make Nigeria an attractive place for business. We have to work on the new brand. Mr. President is determined to do that, to have a more transparent environment for foreign direct investment,” the minister said.

LOLADE AKINMURELE