TRALAC - Trade Law Centre

Nigeria: US trade hits $42.2bn

Wednesday, 15 July 2009

Source: Business Day Africa (Nigeria)

The trade volume between Nigeria and the United States of America in 2008 was Monday put at $42.2 billion. Achike Udenwa, minister of commerce and industry, who disclosed this in Abuja during a technical cooperation seminar organised by the Consumer Protection Council (CPC) in conjunction with the Federal Trade Commission of the United States of America, noted that Nigeria is the 14th largest goods trading partner of the US.

He revealed that US exports to Nigeria include vehicles, machinery, IT software, electronic gadgets, toys, wheat, etc; while Nigerian exports to the US include petroleum, organic chemicals, cocoa and rubber. He stressed that this excludes other non-oil exports captured under the African Growth and Opportunity Act (AGOA).

The minister, while noting that both countries have in the past used the US-Nigeria Trade and Investment Framework Agreement (TIFA) to develop specific initiatives to expand economic opportunity for their workers, farmers, businesses and consumers, expressed hope that the technical cooperation seminar would open another avenue for a mutual beneficial relationship between both countries.

Udenwa, who also canvassed for a market where there is sanity and equity among consumers and businesses, noted that “this is the only way whereby a robust and competitive market can be sustained.”

He said that the seminar comes as the Federal Government is intensifying efforts to overturn the underdevelopment of the economy and reverse the long history of the nation’s economic stagnation through the 7-point agenda and Vision 2020.



“ 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.