US-Nigeria bilateral trade hit nearly $13bn in 2024 – US Ambassador
Trade between the United States and Nigeria has climbed to almost $13 billion in 2024, representing a notable achievement in the economic relationship between the two countries. This information was shared by the U.S. Ambassador to Nigeria, Richard M. Mills Jr., during a business forum organized by Lagos Business School.
During his speech at the event titled “Towards a Robust U.S.-Nigeria Commercial and Investment Partnership,” Ambassador Mills underscored Nigeria’s growing importance as a crucial trading partner, noting that it is now the second-largest U.S. trading partner in Africa.
“This expansion showcases the strengthening commercial ties between our two nations,” Mills stated while introducing a new U.S. initiative — the Commercial Diplomacy Strategy for Sub-Saharan Africa. This strategy aims to enhance trade and investment connections throughout the region, with Nigeria being a primary focus.
He pointed out that Nigeria is one of just five African nations with which the United States has established a Commercial and Investment Partnership agreement, encompassing key sectors such as agriculture, the digital economy, and infrastructure.
“Our objective is to remove trade obstacles, attract investments, and generate employment in both countries,” Mills explained. “We are transitioning from aid to trade. The U.S. is recognizing African countries as capable commercial partners.”
Ambassador Mills also highlighted the ongoing efforts of the U.S. Mission to nurture innovation and entrepreneurship in Nigeria. He referenced the Global AI Conference that took place in Lagos in September 2023 as part of initiatives aimed at fostering technology and innovation collaborations.
Mills noted that more than 80 major American companies are actively operating in Nigeria, and an increasing number of U.S. firms are considering entering the Nigerian market.
He commended Lagos Business School for its partnership with the U.S. Mission and stressed the significance of creating a favorable investment environment.
“A stable, transparent, and equitable business landscape is essential for attracting investors and promoting economic development,” he remarked. “We believe that with appropriate policies and ongoing collaboration, Nigeria and the United States can achieve even greater success together.”
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