US strengthens Economic ties with Nigeria through Trade and Investment

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The United States is strengthening its economic relations with Nigeria and other African nations through increased trade and private sector investment. U.S. Ambassador to Nigeria, Richard Mills, revealed this during a policy address and fireside chat at the Lagos Business School, themed “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership.”

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Mills emphasized that the new U.S. administration is recalibrating its Africa strategy, describing it as a “new chapter in U.S.-Africa relations.” He stated, “This strategy is built on a commitment to expanding economic opportunity, deepening commercial engagement, and fostering long-term mutual prosperity.”

Key Highlights of US-Nigeria Trade

– Bilateral Trade: Nigeria is the US’ second-largest trading partner in Africa, with bilateral trade in goods and services totaling approximately $13 billion in 2024.

– Foreign Direct Investment: US foreign direct investment in Nigeria reached $6.5 billion in 2023, a 5.5% increase from the previous year.

– Diaspora Community: Nigerians represent the largest African diaspora community in the US, underscoring Nigeria’s importance to US policy in Africa.

Commercial and Investment Partnership (CIP)

The US Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment signed a five-year CIP agreement, focusing on:

– Agriculture

– Digital Economy

– Construction

Under the CIP, working groups will be established for each sector, comprising US and Nigerian private sector representatives, to address non-tariff trade barriers and regulatory hurdles. Mills said, “Under the CIP, both governments will establish working groups for each of these sectors… These groups will address non-tariff trade barriers and regulatory hurdles that have long inhibited trade and investment flows.”

Commitment to Progress

Mills emphasized that successful implementation of the CIP will boost job creation, foster innovation, and catalyze further investment. He added, “We are ready to partner with Nigeria to strengthen institutions and create a more attractive investment environment.” The US remains dedicated to deepening its trade relationship with Nigeria, unlocking the full potential of their commercial partnership.

Mills concluded, “The United States remains dedicated to deepening our trade relationship with Nigeria and unlocking the full potential of our commercial partnership.” With over 80 major US companies currently operating in Nigeria, efforts are underway to increase American investments in the country

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