Lagos: The United States and Nigeria have formalized a Commercial and Investment Partnership (CIP) to bolster bilateral trade and investment, concentrating on agriculture, the digital economy, and infrastructure sectors.
According to News Agency of Nigeria, Mr. Bradley McKinney, Deputy Assistant Secretary for the U.S. Commercial Service, highlighted the agreement as a significant development in the economic relationship between the U.S. and Nigeria. Speaking at the ministerial briefing in Lagos, McKinney expressed pride in participating in the U.S.-Nigeria CIP ministerial meeting, emphasizing the alignment of entrepreneurial spirits between Lagos and the United States.
McKinney lauded Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, along with other officials from both countries, for their efforts in advancing the partnership. He noted that within six months, CIP working groups have successfully transitioned the partnership from concept to implementation, focusing on eliminating trade obstacles and enhancing commercial connections.
He further explained that the CIP initiative aligns with the broader U.S. strategy for economic engagement in Africa, targeting export expansion, industrial base strengthening, and job creation. McKinney described Nigeria as a key partner in realizing this vision, noting that bilateral trade reached approximately 13 billion dollars in 2024.
McKinney stressed that regulatory and policy predictability is crucial for attracting long-term investments. He stated that the CIP’s success would hinge on turning recommendations into substantial government commitments and measurable outcomes over the next five years.
Minister Oduwole remarked that the CIP, initiated in July 2024, aims to deepen collaboration in essential growth sectors and transform dialogue into practical commercial benefits for businesses in both nations. She noted that trade between Nigeria and the U.S. amounted to about 13 billion dollars in 2024, with U.S. exports largely comprising machinery, vehicles, and agricultural products, while Nigerian exports were primarily oil and energy products.
Oduwole reiterated Nigeria’s dedication to diversifying non-oil exports and broadening market access for Nigerian enterprises. She highlighted strong U.S. involvement in Nigeria’s digital economy, aviation, and infrastructure sectors, citing agreements between Nigerian airlines and Boeing, and partnerships to establish Maintenance, Repair, and Overhaul (MRO) facilities.
The minister outlined ongoing reforms to enhance the business climate, such as the introduction of national investment playbooks and tariff reviews, which are fostering investor confidence. She noted improvements in Nigeria’s credit outlook, rising non-oil export earnings, and increased capital importation.
Oduwole affirmed Nigeria’s vision of building a one-trillion dollar economy, driven by industrial value creation and strategic partnerships like the CIP, which are vital to achieving this goal.