TRALAC - Trade Law Centre

Nigeria-US trade hits US$35 billion, Nigeria-America chamber of commerce discloses

Monday, 29 September 2008

Source: APA

The Nigeria-America Chamber of Commerce (NACC) says the total bilateral trade between Nigeria and the United States in 2007 was US$35 billion.

Speaking on Thursday at the annual general meeting of the NACC in Lagos, the President of the Chamber, Mr Olaolu Akinkugbe, said Nigeria occupied the 20th position in the US trade partner list.

He said that the US primary exports to Nigeria, included grains, oil and gas equipment, machinery, vehicles and aircraft and that the US export to Nigeria in 2007 increased by 25 percent over the previous year.

According to him, Nigeria’s exports to the US are mainly crude, which represents about 99.6 percent while others are organic chemical, rubber, cocoa, arts and handicrafts.

He noted that the chamber’s 2007 trade mission to three states in the US had provided the members a one-stop access point for business contracts in the US.

He blamed the poor export of Nigerian products to the US on over-dependence on the oil and gas sector for economic development.

He said that the chamber had embarked on aggressive orientation for its members to enable them take advantage of the opportunities offered by the Africa Growth and Opportunity Act (AGOA) to export to the US.

According to him, export through AGOA suffered a setback because many exporters, on their first attempt refused to put proper packaging, processing and standard into consideration.



“ Latest AGOA Trade Data currently available on AGOA.info


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


Other regularly updated trade statistics on AGOA.info include: (click each link to view)

  • AGOA-Beneficiary Countries’ AGOA and GSP Trade Aggregates

  • AGOA Trade by Industry Sector

  • Apparel Trade under AGOA’s Wearing Apparel Provisions

  • Latest Apparel Quotas under AGOA

  • Bilateral Trade Data for all AGOA-eligible countries individually.