Will Stevens, the Consul-General of the United States Consulate in Lagos, announced that Nigeria and the United States maintain a substantial annual trade relationship valued at approximately $10 billion.
He made this statement during the opening ceremony of the African Growth and Opportunity Act (AGOA) workshop organized by Proper Africa on Monday.
The workshop aims to equip export-ready Nigerian businesses, Nigeria Customs Service officials, and other stakeholders with the knowledge and skills necessary to maximize the benefits of AGOA, ultimately improving its utilization in Nigeria.
Stevens emphasized the balanced nature of the trade relationship, noting that it is nearly split down the middle, with both countries exchanging about $5 billion worth of goods and services annually.
“The United States and Nigeria have an incredibly balanced trade relationship almost 50-50, which means we are equal partners,” he remarked.
However, he highlighted that a significant portion of the trade under AGOA is concentrated in the oil and gas sector, with approximately $3.8 billion attributed to oil-related products.
Stevens expressed a desire to see diversification in trade, stating, “We want to see more beyond oil.”
The AGOA initiative is designed to enhance U.S.-Africa trade and investment relations, providing eligible African countries with duty-free access to U.S. markets for a range of products.
The workshop is part of broader efforts to bolster Nigeria’s export capabilities and strengthen the U.S. – Nigeria Trade Relations.
Stevens’ remarks underscore the importance of fostering diverse trade partnerships and enhancing Nigeria’s position in the global market.
By equipping local businesses with the necessary tools to leverage AGOA, the U.S. aims to promote sustainable economic growth in Nigeria.
