FG, US sign agreement to expand trade, investment partnership

The Federal Government and the United States of America have signed a Memorandum of Understanding on Commercial and Investment Partnership, marking a significant step in strengthening their economic ties.

The agreement was signed on the sidelines of the 2024 AGOA Forum held in Washington DC by the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and the U.S. Secretary of Commerce, Gina Raimondo, a statement issued by the Ministry said on Sunday.

It said the MoU aims to deepen bilateral commercial and investment ties between both nations through collaboration to enhance the business environment and facilitate private sector-led trade and investment projects, among others.

The agreement focuses on key economic sectors including infrastructure, agriculture, sports and the digital and creative economy, as well as cross-cutting areas such as investment promotion and regulatory reforms.

It also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government and business-to-business engagements.

In addition to the MoU, both countries agreed on new avenues of commercial cooperation and affirming shared priorities on the digital economy, demonstrating a comprehensive approach to enhancing bilateral economic relations.

The statement quoted the minister as saying, “This MOU marks a pivotal moment in Nigeria-U.S. economic relations. By focusing on critical sectors like infrastructure, agriculture, and the creative and digital economy, we are laying the groundwork for sustainable economic growth and job creation. This partnership underscores our commitment to nurturing an enabling environment for investment and trade, which is crucial for President Bola Ahmed Tinubu’s economic development agenda. We are particularly excited about the opportunities this presents for our fast-growing tech sector and the potential for knowledge transfer and innovation.”

On her part, the U.S. Secretary of Commerce emphasised the importance of the partnership, saying, “With the largest population and largest democracy in Africa, Nigeria is an essential partner for the United States.

“At the U.S. Department of Commerce, we are committed to working hand-in-hand with our Nigerian Government colleagues to foster deeper commercial cooperation that helps promote inclusive economic growth, fosters innovation and creates jobs in both our countries.”

The MoU establishes structures for cooperation, including ministerial co-chairs, technical co-chairs, and various levels of consultation involving both government and private sector stakeholders. It is set to remain operative for five years, with provisions for review and revision as needed.

This agreement represents a significant milestone in strengthening economic ties between Nigeria and the U.S., promising to usher in a new era of mutual prosperity and cooperation.

Also at the event, the Director-General, Small and Medium Enterprises Development Agency of Nigeria, Charles Odii, initiated discussions to secure investments and expand market opportunities for Nigerian small and medium enterprises.

He said the goal of the agency was to bridge the gap between Nigerian and U.S. small businesses, ensuring that AGOA’s opportunities are fully leveraged to foster growth, industrialization, job creation, and improved production quality for Nigerian SMEs.

He explained that the agency is collaborating with some organisations to ensure compliance with safety and regulatory standards and streamline the export process.

“We are diligently working to eliminate inefficiencies and barriers that hinder productivity in Nigeria’s SME sector,” the SMEDAN boss stated.

“As the Secretary of the National Council on SMEs, chaired by the Vice President and led at the state level by all state governors, we are collaborating with other government agencies involved in taxation, health and safety regulations, land access, and financing to create a conducive environment for growth,” Odii said.