TRALAC - Trade Law Centre

Nigeria goes trading in America

Thursday, 04 March 2010

Source: Next234 (Nigeria)

The Ministry of Commerce and Industry has concluded arrangements to showcase the investment potential in the different sectors of the Nigerian economy, in the United States market. This will be achieved through the 1st Nigeria-US business forum scheduled to hold on April 2010 in Atlanta, Houston and Chicago.

The Minister of Commerce and Industry, Achike Udenwa, while briefing newsmen in Abuja on Monday, disclosed that the forum will give a boost to trade relations between Nigeria and the United States. He added that the business forum is a sequel to the annual Trade and Investment Framework Agreement (TIFA) meeting that held between the two countries in Washington D.C. last year.

Doing business in Nigeria

The aim of the TIFA is to review the economic framework between Nigeria and the United States, looking at such things as the World Trade Organisations (WTO) negotiations, as both countries are interested in WTO activities.

Last year’s TIFA meeting also considered the review of market access and the Africa Growth and Opportunity Act (AGOA), which allows Nigeria to export certain goods to America without payment of duties.

Regarding the meeting, Mr. Udenwa said, “We met not just US officials; we also met members of the organised private sector in the U.S.; the chambers of commerce and also the Business Council on Africa, and several other unions who were interested in knowing how to do business in Nigeria and those already doing business in Nigeria. We had to explain to them the reforms being carried out by the government to make investment more attractive. We had to explain the local content bill in the oil industry. All these were very refreshing to all that got firsthand information on how to do business in Nigeria.

“Interactions with the private and corporate bodies in the Washington area gave us an indication that other areas of the United States needed to know what is available in Nigeria, as we discovered that people understand only a little about the opportunities that exist in Nigeria.”

New image

Mr. Udenwa also said that the foreign media had not done enough in projecting the good side of economic activities in some emerging economies.

“Because of this, we felt it was necessary for us to carry this beyond Washington DC. We decided that we should take up about three of them this year and more of the cities in the future. We are taking off with Atlanta, Houston and Chicago.”

He said the mission is not just a ministry affair, as there is going to be large delegation from Nigeria that will include other ministries, departments and agencies, state governments and also the organised private sector, including the Manufacturers Association of Nigeria, MAN, NACCIMA, and others.

The minister said his expectation is for “Nigerian businessmen come face to face with American businessmen and have bilateral talks and agreements in addition to interactions at governmental levels. This very visit is supposed to promote the entire Nigerian economy. We are going to look into areas like agriculture manufacturing, solid minerals, tourism and hospitality, infrastructure and construction especially in the area of concessioning, oil and gas, entertainment, environment and insurance. We will also use the opportunity to find market for our goods, and canvass investment inflow into Nigeria.”

This event is Nigeria’s first outing to the USA.

Attractive goods

Mr. Udenwa further stated that the American entrepreneurs are very eager to invest in the developing economies, adding that the Nigeria-US trade summit will bring access for marketing our goods and ensure foreign direct investment flowing into our country from America. He, therefore, urged the businessmen to package their goods and services well, saying that poor packaging had been the bane of exported goods from Nigeria, as the goods were less attractive in the foreign market.

As at today, Nigeria’s major export to the U.S. is crude oil, but we import quite a lot in terms of machinery, power inputs, consumables, and other things.

This forum is being organised by the federal ministry of commerce and industry in collaboration with the US Department of Trade, Washington, and the U.S. Embassy in Nigeria. Joe Ita, spokesperson for the Nigeria Export Promotion Council, said efforts are being made to assist exporters with packaging their goods to meet international standards.

 

 

 

View related news articles

NACC restates commitment to trade ties between Nigeria, United States

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...

19 February, 2021
Nigeria: ‘Prospects of improved supports from US bright under Biden’

Nigeria: ‘Prospects of improved supports from US bright under Biden’

Director General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, told DEBO OLADIMEJI that he expects more support for Nigeria from the United States (US) under the Biden administration.  What are the economic implications of Joe Biden Presidency For Nigeria?There is likely to be some positive changes as far as bilateral economic and trade...

23 January, 2021
Nigeria’s duty-free export to US shrinks to $351m

Nigeria’s duty-free export to US shrinks to $351m

Nigeria’s export to the United States under a duty-free policy declined in the first nine months of 2020, recording $351.73m from January to September. According to the latest African Growth and Opportunity Act policy trade statistics, exports to the US under the policy fell by 86.97 per cent from $2,699.13m in the first nine months of 2019 to $351.73m in the...

27 December, 2020
Chamber plans business parks to deepen US-Nigerian trade relations

Chamber plans business parks to deepen US-Nigerian trade relations

The Nigerian America Chamber of Commerce says it is planning to establish parks in states for businesses to benefit from the duty-free Africa Growth Opportunities Act of the United States government. The President, NACC, Otunba Toyin Akomolafe, during a courtesy visit to The PUNCH head office in Ogun State on Tuesday said the parks would be a platform to create awareness of...

16 December, 2020
'Nigeria’s duty-free export to US shrinks to $300m'

'Nigeria’s duty-free export to US shrinks to $300m'

Nigeria’s export to the United States under a duty-free policy declined in the first eight months of 2020, recording $300.48m from January to August. According to the latest African Growth and Opportunity Act policy trade statistics, exports to the US under the duty-free policy fell by 88 per cent from $2,502.86m in the first eight months of 2019 to $300.48m in the...

23 October, 2020
'The strategic importance of AGOA'

'The strategic importance of AGOA'

The African Growth and Opportunity Act (AGOA) is a United States bipartisan trade legislation that was signed into law on May 18, 2000 by former US President Bill Clinton – it means AGOA is 20 years old this year. Initially, the Act was planned to last for eight years but former President George Bush signed legislative amendments into law in July 2004 and extended the...

13 July, 2020