US seeks stronger economic ties with Nigeria
The United States (U.S) has initiated moves for stronger economic ties with Nigeria as the giant of Africa.
President/ Chief Executive Officer, Nigeria-USA Export & Investment Group (NUEIG), Chief Funsho Abiri, who disclosed this, said that President Barrack Obama is encouraging partnership of Nigerian-U.S companies to take advantage of credit facilities needed to finance new projects in Nigeria.
He disclosed that the meeting of Petroleum Minister Mrs. Diezani Allison-Madueke with investors in petrochemicals in the U.S was one of the opportunities that the Federal Government is utilising to boost inflow of foreign direct investment (FDI) from the US.
“Even though, the Federal Government is fully aware of the benefits associated with partnering U.S companies, it is unfortunate that local private-sector operators are losing investment opportunities to other African countries with less potential for quick return on investment”, he lamented.
In recognition of the U.S government encouragement and incentives for Nigerian investors, Abiri noted that NUEIG has concluded arrangement to coordinate a private meeting where U.S companies will interact directly with Nigerian companies.
This meeting, he said will take place during the sixth U.S-Africa Trade & Investment forum in Chicago, USA between August 9 and 12, 2010.
“The participation of Congressman Bobby L. Rush and Jimoh Ibrahim as resource persons during the event being organised by the Continental Africa Chamber of Commerce, USA in collaboration with Illinois Department of Commerce & Economic Opportunity will expose Nigerian companies to U.S companies in search of genuine partners from Nigeria”, he said.
Abiri, who is also the chairman of Strategic Agenda disclosed that NUEIG is mobilizing private sector organizations, business men and women to benefit from doing business with America by participating in the Private Sector Session of 2010 African Growth and Opportunity Act (AGOA) forum which is also coming up in Kansas City, Missouri USA between August 5 and 6, 2010.
He added that the AGOA Forum covers non-oil products & exports where serious businessmen/ exporters will meet U.S institutions which may help get financial assistance to import much needed machinery from USA to improve their products for export to U.S and beyond.
Abiri explained that it will be in the interest of Nigerians to ensure that the trade balance remains in favour of the country.
This, he said can only be sustained through increasing collaboration since there are several countries today looking for opportunity to improve trade relationship with the U.S.
“Today, Nigeria is the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the United States and for us to continue to remain ahead of the United Kingdom as the largest trading partner, Nigerian businessmen must utilise existing opportunities for stronger relationship”, he suggested.
In March 2010, Nigeria was the fifth-largest exporter of crude oil to the USA and the largest trading partner in sub-Saharan Africa, largely due to the high level of petroleum imports from Nigeria, which supply eight per cent of U.S. oil imports--nearly half of Nigeria’s daily oil production.
Two-way trade in 2008 was valued at more than $42 billion, an 18 per cent increase over 2007 data.
Led by machinery, wheat, and motor vehicles, U.S. goods exports to Nigeria in 2008 were worth more than $4 billion. In 2008, U.S. imports from Nigeria were over $38 billion, consisting predominantly of oil.
In March 2009, the United States and Nigeria met under the existing Trade and Investment Framework Agreement (TIFA) to advance the ongoing work programme and to discuss improvements in Nigerian trade policies and market access.
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)