The U.S. Ambassador to Nigeria, Mr Richard M. Mills Jr. said the bilateral trade between the two countries reached nearly $13 billion in 2024.
The envoy disclosed this in his speech at a Lagos Business School event held under the theme “Towards a Robust U.S.-Nigeria Commercial and Investment Partnership.”
Mills noted that Nigeria is the United States’ second-largest trading partner in Africa, underscoring the vast potential for further growth and investment.
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 prioritises three key sectors: agriculture, the digital economy, and infrastructure,” he said.
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.
He also 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.
