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The United States government plans to unlock access for Nigerian businesses and entrepreneurs to its $120 trillion capital market, a key avenue for financing innovation and growth. U.S. Ambassador to Nigeria, David Greene Mills, made this known during a fireside chat at Lagos Business School.

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Mills emphasised that the liquidity and efficiency of the U.S. financial system make it a vital source of venture capital and long-term investment. He noted that Nigeria is already the U.S.’s second-largest trading partner in Africa, with two-way trade totalling nearly $13 billion in 2024.

According to Mills, over 80 major U.S. companies operate in Nigeria across various sectors, and 60% of Nigeria’s venture capital funding comes from American firms. “We must continue to foster an enabling business environment that catalyses the investment and collaboration needed to attract this kind of high-impact investment,” he said.

Mills highlighted the growing U.S. investment in Nigeria, with U.S. foreign direct investment rising to $6.5 billion in 2023, a 5.5% increase from the previous year. He also noted the strong people-to-people connections between the two countries, with over 750,000 Nigerians in the U.S. and more than 20,000 Nigerian students enrolled in U.S. universities.

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The ambassador stated that promoting two-way trade and investment will drive mutual growth for both nations. “Nigeria is poised to overtake the United States as the third most populous country in the world by 2050… we will continue to invest in development, but we will do so through expanded trade and private investment,” Mills said.

A key priority of his mandate, according to Mills, is to increase trade, investment, and business linkages between the two nations