The U.S. Begins Shifting From Aid and Growing Bilaterial Trade With Nigeria

U.S.-Nigeria bilateral trade has reached nearly $13 billion in the past year, marking a significant milestone in economic relations between the two countries.

This figure was announced by the U.S. Ambassador to Nigeria, Richard Mills, during a dinner hosted by the U.S. Mission in Nigeria to celebrate the United States’ 249th Independence Anniversary in Abuja.

Ambassador Mills highlighted that this surge in trade has not only created economic opportunities for Nigerians but has also generated jobs for both Americans and Nigerians.

He emphasized that by stimulating trade, both nations are building a future where they will thrive as commercial partners.

The ambassador described the evolving U.S.-Nigeria partnership as being anchored on a commitment to shared prosperity, which involves expanding commerce, increasing trade, and creating more opportunities for workers in both countries.

Mills also pointed out that Nigeria is the United States’ second-largest trading partner in Africa, underscoring the vast potential for further growth and investment.

He mentioned the launch of the U.S. Department of State’s new Commercial Diplomacy Strategy for Sub-Saharan Africa. The aim is to expand economic opportunities and deepen commercial engagement between the U.S. and African nations he noted.

As part of this effort, Nigeria is one of only five African countries with which the U.S. has signed a Commercial and Investment Partnership (CIP) agreement.

The CIP prioritizes three key sectors: agriculture, the digital economy, and infrastructure.

The ambassador noted that the partnership aims to eliminate barriers to trade and investment, create jobs, and unlock new opportunities for both countries.

He stated, “We are making a shift from aid to trade. The U.S. is engaging African nations as capable commercial partners.” Over 80 major U.S. companies currently operate in Nigeria, and efforts are underway to increase American investments in the country.