US, Nigeria Forge Stronger Trade Ties Through New Investment Partnership

Michael Olugbode in Abuja

The United States and Nigeria have taken a significant step toward deepening commercial relations with the US-Nigeria Commercial and Investment Partnership (CIP), a five-year initiative aimed at boosting trade, investment, and private-sector growth.

The partnership was highlighted at a ministerial meeting in Lagos co-chaired by US Deputy Assistant Secretary for the US Commercial Service, Bradley McKinney, and Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.

The meeting brought together government officials and private sector leaders to review proposed reforms from the CIP Working Groups on Agriculture, Digital Economy, and Infrastructure.

The Working Groups presented strategies intended to improve the business environment, ease trade barriers, and attract investment.

McKinney described the proposals as practical measures that could strengthen bilateral trade and create new economic opportunities for both nations.

Oduwole emphasised Nigeria’s commitment to expanding non-oil exports and making local businesses more competitive in global markets.

“We are focused on creating sustainable and inclusive opportunities for Nigerian companies to access US markets and beyond,” she said, noting that ongoing efforts are being made to implement reforms that make Nigeria’s economy more predictable and investment-friendly.

Senior officials from both countries attended the session, including US Mission Chargé d’Affaires, Keith Heffern, and Nigeria’s Permanent Secretary of the Ministry of Industry, Trade and Investment, Ambassador Nura Rimi.

The partnership is expected to facilitate continued consultations on trade and investment, encourage two-way investment flows, and support economic growth on both sides of the Atlantic.

In 2024, bilateral trade in goods and services between Nigeria and the US reached nearly $13 billion.

US foreign direct investment in Nigeria also rose to $7.9 billion, reflecting a 25 per cent increase from the previous year, making the US one of Nigeria’s top foreign investors.