Trade under the African Growth and Opportunity Act, (AGOA), has hit a record N1.53 trillion ($10.2 billion) in the first three quarters of 2003, representing a 59 per cent increase over the same period in 2002.

According to information from Nigeria's Public Affairs Section of the United States Embassy, Abuja, the President of the Corporate Council on Africa, Mr. Stephen Hayes said the "runaway success of AGOA has affirmed its place as the cornerstone of US-Africa trade relationship."

AGOA was signed into law on May 18, 2000 and offers trade incentives to African countries to open up their economies and build free markets.

Under the conditions, developing countries in Africa can export to the US under favourable terms goods that can compete freely with goods in the American market and fully repatriate foreign exchange back to their countries thereby helping the economies to grow.

Latest AGOA Trade Data on AGOA.info

Click here to view a sector profile of Nigeria’s bilateral trade with the United States, disaggregated into total exports and imports, AGOA exports and GSP exports.

For more about AGOA click here .

Other regularly updated trade statistics on AGOA.info include: