Nigeria, US Seek to Bolster Trade, Investment Ties

James Emejo in Abuja

Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, yesterday said the country remained committed to enhancing bilateral trade and investment relations with the United States.

Speaking at a meeting with a high-level US delegation led by Assistant Secretary of Commerce for Global Markets, Mr. Arun Venkataraman, the minister emphasised the importance of diversifying Nigeria’s exports, as welll as promote innovation, and create a conducive environment for businesses to thrive.

She said the country’s vast economic potential including a large market and abundant natural resources renders it as favourable investment destination, adding that the National Talent Export Programme further positions it as an export hub for talent outsourcing.

The minister also emphasised the importance of the US-Nigeria partnership, nothing that, “Nigeria and the United States share a deep and enduring relationship built on a foundation of mutual respect, shared values, and a commitment to open trade and economic collaboration.”

However,  Venkataraman expressed the US government’s commitment to supporting Nigeria’s economic reforms and addressing challenges faced by US companies in Nigeria.

He said, “Our work to deepen business ties and build a strategic commercial partnership underscores our commitment to further enhancing these ties, fostering economic growth, and creating opportunities that benefit people across both our great nations.”

The US delegation showed keen interest in Nigeria’s economic reforms and expressed their readiness to support initiatives that promote trade and investment.

Uzoka-Anite said, We are committed to deepening our partnership in trade and investment. This includes promoting non-oil exports to the USA under the Africa Growth and Opportunity Act (AGOA) and creating an environment where businesses can flourish.”

The meeting marks a significant step towards enhancing commercial and investment relations between both countries as expressed optimism for future collaboration.

In his remarks however, Venkataraman said, “We know that the United States and Nigeria recognise the immense potential of our economic cooperation, but now it is time to take that potential and make it a reality. We are not here to talk; we are here to take action.”

Both parties also agreed on the need for regular dialogue and collaboration to address trade disparities, foster investment, and promote innovation.