Market News
US-Nigeria bilateral trade soars to nearly $13bn – US Ambassador - VANGUARD
By Vera Anyagafu
The U.S. Ambassador to Nigeria, Richard M. Mills Jr., has highlighted the growing economic partnership between the United States and Nigeria, revealing that bilateral trade between the two nations reached nearly $13 billion in 2024.
He also announced the launch of the U.S. Department of State’s new Commercial Diplomacy Strategy for Sub-Saharan Africa, designed to expand economic opportunities and deepen commercial engagement between the U.S. and African nations.
“Nigeria is one of only five African countries with which the U.S. has signed a Commercial and Investment Partnership (CIP) agreement,” he stated. “The CIP prioritizes three key sectors: agriculture, the digital economy, and infrastructure.”
According to the ambassador, the partnership aims to eliminate barriers to trade and investment, create jobs, and unlock new opportunities for both countries. “We are making a shift from aid to trade. The U.S. is engaging African nations as capable commercial partners,” he said.
Ambassador Mills noted that the U.S. Mission in Nigeria has been actively working to strengthen economic ties, including hosting the Global AI Conference in Lagos in September 2023. He added that over 80 major U.S. companies currently operate in Nigeria, and efforts are underway to increase American investments in the country.
His visit to Lagos Business School also highlighted the strong collaboration between the U.S. Mission and the university, as he emphasized the importance of a stable, transparent, and business-friendly regulatory environment to drive investment and foster economic growth.
