The Lagos Chamber of Commerce and Industry (LCCI) has said the removal by the United States of immigrant visa ban placed on Nigerians will improve diaspora remittances inflows to Nigeria.
The President, Mrs Toki Mabogunje, said this on Tuesday during the chamber’s quarterly press briefing on the state of the economy.
The chamber congratulated Mr Joe Biden Jr. on his assumption of office as the 46th elected President of the US.
Mabogunje said, “We believe the Biden administration will usher in a new dispensation for the global economy from trade, investment, foreign policy, international cooperation, environmental protection, and security.
“We commend the Biden administration for lifting the immigrant visa ban placed on Nigerians.”
According to her, the reversal is positive for the Nigerian economy as it creates an avenue for many Nigerians to explore the diverse business, educational and employment opportunities in the US.
She said, “This gesture is expected to boost US Nigeria trade relations. It would also positively impact on diaspora remittances inflows to the Nigerian economy in the medium term, given that the US is a major source of remittances proceeds to Nigeria.
As a multilateralist, we expect the Biden-led administration to foster international cooperation across the globe.”
The chamber also expects the new administration to recalibrate the global trade system, which it said had been marred by rising protectionism, trade wars and pandemic-induced supply chain disruptions.
Mabogunje further said, “We also seek the support of the Biden-led administration for the candidacy of Dr [Mrs] Ngozi Okonjo-Iweala for the Director-General position at the World Trade Organization.
“This is even important as the global economy needs to improve trade volume to quicken economic recovery.”