The United States and Nigeria have achieved a remarkable milestone in their trade relationship, with the total value now standing at $10 billion annually.
Mr. Will Stevens, US Consul-General in Lagos, disclosed this during a workshop focused on the African Growth and Opportunity Act (AGOA) and Prosper Africa.
This balanced partnership is notable for its near 50-50 split, with the US exporting approximately $5 billion worth of goods to Nigeria and importing a similar amount.
Stevens, however, emphasized that $3.8 billion of Nigeria’s exports to the US under AGOA comprise oil-related products, leaving room for growth in other sectors.
Despite oil and gas accounting for less than 8 percent of Nigeria’s economy, these products dominate the country’s US exports.
Stevens urged Nigerian businesses to explore other export opportunities, leveraging AGOA’s duty-free access to the US market, which represents 27 percent of the global economy.
To put this into perspective, Stevens compared the economies of Texas and New York to Nigeria’s, highlighting the vast potential for growth.
“If you can get one percent market share in New York State, that’s bigger than almost the entire economy of Nigeria,” he said.
The US commitment to this partnership is strengthened through Prosper Africa, an initiative uniting various government agencies to boost US-Africa trade.
Stevens pointed out the mutual benefits, saying, “It’s not just us selling our stuff to you, but helping you sell your stuff to us.”
Author
Leave a comment