Foreign-exchange controls implemented by Nigeria’s government over the past year are hindering the ability of US companies to do business in Africa’s largest economy, according to Commerce Secretary Penny Pritzker.
US 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% of their inputs and need dollars to pay for those, she said. Pritzker will raise the issue with Nigerian President Muhammadu Buhari and Vice President Yemi Osinbajo in Abuja, the capital, on Tuesday.
