TRALAC - Trade Law Centre

US-Nigeria Trade: Federal Government targets increased FDI, market access

Wednesday, 03 February 2010

Source: This Day (Nigeria)

Minister of Commerce and Industry, Chief Achike Udenwa yesterday said that the purpose of the first ever United States of America (USA) and Nigeria Business Forum is to attract more Foreign Direct Investment (FDI) into the economy and also to open up Nigeria’s market opportunities to the American market which largely has remain untapped for several years.

The idea for the business forum, according to the minister was conceived last year March. He said the United States and Nigeria officials held the sixth meeting under the US-Nigeria Trade and Investment Framework Agreement (TIFA), which was signed in 2000.

He added that at the meeting, the countries discussed among others: Improving Nigeria’s FDI and Bilateral Investment Climate, Opening up Nigeria’s market to the International World, Implementation of the African Growth and Opport-nity Act (AGOA) and Cooperation in the World Trade Organization WTO. He said the outcome of that meeting was an agreement by both counties to organize an investment forum in the United States of America USA.

He added that the objective is to create a platform for US and Nigeria business people to connect and form relationship necessary for prudent and profitable business engagement. Chief Achike Udenwa made this disclosure while briefing the United States delegation led by its Minister Counselor for Economic Affairs at the Embassy of the of the United States of America Mr. Perry Ball and the press on preparation for the 1st ever USA Nigeria Forum slated for the month of April in Atlanta, George, Houston Texas and in Chicago, Illinois

The Business Forum, according to Udenwa is expected to attract the largest contingent of business men from Nigeria to the US to interface with its US counterpart in the three cities in America.

He explained that beside FDI inflow and Market Access the forum is also to create avenue for both nationals to brainstorm on the business opportunities available to both countries. He said top government officials from several Federal Ministries Government Agencies, State Governments and the organized Private Sectors including MAN, NACCIMA and its US counterpart who are interested in doing business in Nigeria will meet. Adding that the occasion will be used to brief the American investors on the new business climate in Nigeria saying “The occasion will be used in intimating the American investors on the new reforms the local content bill in the Oil and Gas Ministry which now allows the private and public participation in the Industry. Udenwa admitted that Nigerian exporters have not fully tapped into AGOA opportunities made available by the US Government for African exporters to market their in the American market at zero duty. He said “the AGOA was meant to increase trade to USA, but unfortunately we have not been able to exploit this because of lack of standardization and quality packaging on the part of our exporters.”

The interface, according to the Minister will provide the American Private investors who know little about the economic potentials in the Nigerian business environment. He said the forum is planned Washington because of the insinuation in the Press by the Foreign Media that Nigeria is unsafe business environment. He pointed that only 10percent of opportunities of AGOA is presently being utilized. He commended the Nigerian Export Promotion Council for their effort in educating Nigerians on the opportunities available in export market.

The minister stated that the Forum which is expected to attract more than 50 Corporate executives and senior policy makers from Nigeria and senior policy makers, chief executive officers’ of major US corporations as well as international investment Banks will explore opportunities for Bilateral investments in the following key areas: Tourism and Hospitality, Power and Energy, Solid Minerals, Agriculture, Infrastructure and Construction and Telecommunication sectors. Udenwa said he was optimistic the first outing will be successful in showcasing Nigeria’s investment business environment.



“ 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.