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