The United States has reiterated its commitment to deepening economic ties with Nigeria and other African nations, with a renewed focus on trade and private sector investments as key drivers of economic growth.
Speaking in Lagos at a policy speech and fireside chat hosted by the Lagos Business School, U.S. Ambassador to Nigeria, Richard Mills, revealed that Nigeria remains America’s second-largest trade partner in Africa, with two-way trade in goods and services reaching approximately $13 billion in 2024.
Delivering remarks under the theme “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership,” Ambassador Mills highlighted the strategic importance of Nigeria to U.S. interests in the region, especially under the new administration of President Donald Trump, which he said is refocusing its African strategy.
“The U.S. State Department’s newly launched commercial diplomacy strategy for sub-Saharan Africa marks a new chapter in U.S.-Africa relations,” Mills said. “It is rooted in our goal to expand economic opportunity, deepen commercial engagement, and foster long-term mutual prosperity.”
$6.5 Billion U.S. FDI in Nigeria in 2023
Mills noted that the United States remains one of Nigeria’s leading sources of foreign direct investment, which reached $6.5 billion in 2023 — a 5.5% increase over 2022. He added that the strength of U.S.-Nigeria relations is further deepened by human capital ties, with over 750,000 Nigerians or people of Nigerian descent living in the U.S., forming the largest African diaspora group in the country.
“These deep bonds of family, education, business, and culture underscore why Nigeria is critical to U.S. foreign policy in Africa,” Mills said.
Commercial and Investment Partnership Agreement Signed
Ambassador Mills also announced the Commercial and Investment Partnership (CIP) agreement signed between the U.S. Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment. The five-year memorandum of understanding prioritizes collaboration in three key sectors:
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Agriculture
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Digital Economy
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Construction
The agreement is designed to facilitate increased business linkages, attract private sector investment, and support Nigeria’s national economic goals.
“As U.S. Ambassador, I have a clear mandate — to boost trade, investment, and business partnerships between our two countries,” Mills said.
The event at Lagos Business School drew a high-level audience of business executives, policymakers, and development stakeholders, all keen to understand how the U.S. strategy will shape Nigeria’s economic trajectory in the coming years.
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