NACC restates commitment to trade ties between Nigeria, United States
With less than five years to the end of the extended African Growth and Opportunity Act (AGOA), the Nigerian American Chamber of Commerce (NACC) has reiterated its commitment to ensuring that Nigeria enjoys the benefit of the scheme.
With the change of the United States political leadership, the Chamber is hopeful that ties between the two countries would improve, even as it urged the government to address environmental challenges limiting Nigeria’s export potential.
According to the NACC President, Oluwatoyin Akomolafe, the Chamber is poised to promote business relationships between Nigeria and the U.S.
Preparatory to its 60th anniversary scheduled to commence later this month with courtesy visits to its members and stakeholders, Akomolafe at a press conference in Lagos, yesterday, said the Chamber has consolidated itself as a virile trade channel between Nigeria and the U.S. in the 60 years of its existence, adding that the NACC maintains close relations with the commercial section of the United States Embassy as well as other stakeholders.
“More than 60 years on, NACC has grown into a dynamic organisation. It stands as a pillar of the relationship between the United States and Nigeria, serving as an important catalyst in bringing together people and ideas to bolster bilateral commercial relations between Nigeria and the United States.
“Our celebrations will thus be a year-long event comprising several activities. Most of these activities will be executed as hybrid events. This means these activities will have very limited physical attendance. The majority of participants would be encouraged to join online via zoom or any other suitable application/platform”, he added.
Akomolafe also emphasised the need for non-oil exporters to embrace higher standards while exploring the U.S. markets, saying: “Our members stand to gain a lot more with higher standards of exports and better access to finance under the AGOA project but that is currently being addressed by the chamber through education and training of members.”
The Federal Government had in 2018 begun the implementation strategy to ensure that non-oil products are duly accepted in the U.S. under AGOA.
The products that are being considered for export under AGOA include sesame seed, cashew, tomatoes, oranges, cassava, spices and ginger.
Others are shea butter, cowpea, banana, plantain, cement, clinker, leather and articles of leather, arts and handicrafts, specialty foods and cocoa.
The United States had earlier expressed concerns about the performance of the scheme, noting that petroleum products continued to account for the largest portion of AGOA imports, with a 67 per cent share.
For exporters looking to explore the U.S. markets, Akomolafe explained that the chamber was an AGOA resource centre and works with the commercial arm of the U.S. Embassy and the Nigerian Export Promotion Council (NEPC) in assisting its members with standards, among others to boost export of non-oil and agro-allied products to the United States.
On her part, Dame Adebola Williams acknowledged Nigeria’s late implementation of the AGOA scheme adding that the chamber is striving to help businesses optimise the benefits.
NACC Director-General, Sola Obadimu added that the African Continental Free Trade Agreement (AfCFTA) offers the United States an opportunity to seal a common trade deal with the continent.
Read related news articles
Kenya shows Nigeria’s missed textile, apparel export opportunities with AGOA
Duty- and quota-free access to the United States of America’s market granted by the African Growth and Opportunity Act (AGOA) has played a significant role in boosting trade and investment between sub-Saharan Africa and the US. Many qualifying African countries have achieved notable successes in exporting goods under Agoa to the US. These successes include textiles and apparel from Kenya, Ethiopia, Mauritius, Lesotho, Ghana, and...
03 April 2024
Kenya: 4th AmCham business summit to advocate for enhanced partnership and investment In US-East Africa trade
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa is set to be held on April 24–25, 2024, in Nairobi, Kenya. Kenya’s President William Ruto is confirmed as Chief Guest, leading a government delegation to the summit that aims to expand commercial opportunities and markets....
19 March 2024
'Nigeria missing as Kenya, Ghana tap AGOA opportunities to boost foreign exchange earnings'
Africa’s biggest economy is still failing to tap the opportunities that the African Growth and Opportunity Act (AGOA) present to boost its foreign exchange, amid acute dollar shortages. The AGOA has been on for over twenty-three years as it was enacted in 2020. In 2015, the program was modernised and extended to 2025, implying that there are only about 15 months before the window closes. Some countries have taken advantage of the AGOA more...
05 February 2024
US treasury Deputy Secretary Adeyemo visits Lagos, discusses duty-free access to the US market with local entrepreneurs
Nigerian-born United States Deputy Secretary of the Treasury, Wally Adeyemo, will be in Lagos, Nigeria between September 17 – 19, 2023, for a number of diplomatic engagements including a meeting with entrepreneurs and start-ups to discuss how they can sell their products by exploring “duty-free access” to the US market. Duty-free access is the permission given by a host country for another country to export goods into their country...
18 September 2023
Nigeria: US to 'create jobs for Africans through trade, investments in tech, infrastructure'
The United States government has expressed its willingness to create jobs through increased trade and investment in sectors such as agriculture, technology and infrastructure, as well as boost innovation and elevate the living standards of millions of Africans. The U.S. Consul General, Will Stevens, disclosed this at the Africa Social Impact Summit 2023, themed: “Global Vision, Local Action: Repositioning the African...
10 August 2023
AGOA: Nigeria’s untapped opportunity for non-oil export, rights enforcement
IN 2000, President Bill Clinton’s administration passed special trade laws to promote trade ties between the US, Africa, and the Caribbean. One of the enactments was the African Growth and Opportunity Act, AGOA. To be eligible to access the benefits of the Act, participating countries are required to meet certain criteria set by the US government. Among the long list of requirements is the adherence to international human rights...
23 May 2023
Take advantage of AGOA to boost exports, Minister urges Nigerians
The Nigerian Minister of Industry, Trade and Investment (FMITI), Adeniyi Adebayo has urged Nigerians to take advantage of the African Growth Opportunity Act, (AGOA). Adebayo said this when he received the report of the Technical Committee on the utilization of AGOA in Abuja on Tuesday. The report which was delivered by the Co-chairman of the Committee and Director of Trade, FMITI Suleiman Audu on behalf of the Chairman of the Committee and...
02 May 2023
Strengthening growth & promoting US market access to women-led agricultural businesses in Madagascar
Women entrepreneurs are important sources of innovation, job creation, and economic growth, and critical actors in every aspect of the agriculture value chain. The U.S. Embassy is pleased to partner with the American Chamber of Commerce in Madagascar (AmCham) to empower Malagasy women entrepreneurs in the agriculture sector to access U.S. markets. More than half of AmCham Madagascar’s member companies operating in the food...
08 March 2023
US embassy Madagascar: Remarks by ambassador Claire Pierangelo on US support, AGOA, investment
I’m honored to speak to you tonight, both as the U.S. Ambassador to Madagascar and as an honorary Member of the Board of AmCham. I have had the great pleasure to work with AMCHAMs around the world during my career and believe that this is one of the critical relationships for the U.S. government. Central to the United States’ goal of promoting peace and prosperity abroad is encouraging good governance and economic development. Now...
23 November 2022
Nigeria: Garment factory to create 2,000 direct jobs, utilize AGOA
Kwara State Governor, AbdulRahman AbdulRazaq, at the weekend, said the state’s garment factory will be inaugurated this year with a take off capacity to hire 2,000 direct labour. Speaking with dozens of APC youths, progressive social media influencers, and some online news publishers on Saturday, the governor said the idea is to make Kwara a hub for garment production, which can then benefit from the African Growth and Opportunity Act...
26 August 2022
Nigeria: US-American chamber seeks shippers’ nod to boost non-oil exports
The Nigerian-American Chamber of Commerce (NACC) has sought partnership with Nigerian shippers to maximally utilise the United States’ African Growth and Opportunity Act (AGOA). AGOA is a key component of US/African strategy that focuses on increasing African non-oil exports to the US. The Executive Secretary of the Abuja chapter of NACC, Ayo Salaam, disclosed that Nigerian companies had not taken advantage of AGOA because they exported...
12 June 2022