The trade volumes between Nigeria and the United States (US) have reached a significant milestone of $10 billion, according to a recent announcement.
Additionally, the US government has pledged a fresh injection of $125 million into the Nigerian economy to support food security and water initiatives.
The announcement was made during the sixth US-Nigeria Binational Commission held in Abuja on April 29-30, 2024. The commission aimed to strengthen economic ties between the two nations and explore opportunities for growth and development.
The US government commended President Bola Tinubu’s economic reforms and expressed its commitment to supporting Nigeria’s development.
The US also announced plans to support a new five-year program worth $90 million to promote on and off-grid development, underscoring the importance of expanding energy access and reliability for economic growth and prosperity.
Nigeria expressed its desire to increase African exports to the US, while the US reaffirmed its commitment to facilitating Nigeria’s use of trade opportunities. The two sides discussed ways to increase sustainable and inclusive growth, including Nigeria’s utilisation of the African Growth and Opportunity Act (AGOA).
The Binational Commission built on the strong foundation established during the meeting between President Tinubu and Secretary of State Antony J. Blinken in Abuja in January 2023, as well as the momentum from the last BNC in Washington, D.C. in February 2020.
The Nigerian delegation was led by Foreign Minister Yusuf M. Tuggar, while the US delegation was headed by Deputy Secretary of State Kurt M. Campbell and Assistant Secretary of State for African Affairs Molly Phee.
Participants discussed Nigeria’s economic reform agenda and the importance of sound macroeconomic policies to enhance investor confidence and attract private sector investment.