US-Nigeria Trade Hits $13 Billion, Strengthening Economic Ties

A Shift from Aid to Trade

🚨 The United States Ambassador to Nigeria, Richard Mills Jr, has confirmed that bilateral trade between the US and Nigeria reached nearly $13 billion in 2024.

🚨 Nigeria is now the US’s second-largest trading partner in Africa, reflecting deepening commercial engagement.

🚨 The US is prioritizing private sector-led investment over traditional aid, aiming to foster sustainable economic growth.

Key Areas of Investment

📢 The US Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment signed a five-year Commercial and Investment Partnership (CIP) agreement, focusing on:

Agriculture
Digital economy
Infrastructure

📢 US foreign direct investment in Nigeria reached $6.5 billion in 2023, marking a 5.5% increase from 2022.

Challenges & Opportunities

🔍 US businesses face hurdles in Nigeria, including complex regulations, power infrastructure issues, and tax burdens.

🔍 The US government is urging Nigeria to improve its electricity sector, as unreliable power supply remains a major deterrent for American investors.

🔍 Despite challenges, Nigeria’s booming tech sector continues to attract US venture capital, with firms like Flutterwave, Andela, and Esusu leading the way.