US Stressing the Importance of Trade Ties with Nigeria
US Commercial Counselor to Nigeria, Julie Leblanc, underscored the significance of the United States-Nigeria trade relationship at the recently concluded BusinessDay Africa Trade and Investment Summit held in Lagos. According to our sources, Leblanc was speaking on behalf of the US Mission to Nigeria’s representative, Will Stevens. Her speech focused on the need to enhance bilateral trade between the US and the African continent with an emphasis on Nigeria, the continent’s second-largest trading partner with the US.
Rigorous Economic Bond between US and Nigeria
Leblanc accentuated Nigeria’s pivotal role in both regional and global markets. The numbers speak for themselves, with two-way trade exceeding $10.6 billion in 2022 and U.S. foreign direct investment (FDI) in Nigeria standing at $5.6 billion. This robust economic partnership highlights the importance of Nigeria’s part in the continent’s commercial narrative.
Bridging the Trade Gap through Technological Innovations
Leblanc also stated that the US government is devoted to bridging the trade gap by harnessing technological breakthroughs. The sectors on which the focus lies include education, healthcare, and agriculture. She mentioned the Biden-Harris Administration’s Digital Transformation with Africa (DTA) initiative, created to enhance digital access and foster US-Africa business interactions. This aligns with the African Union’s strategy for digital transformation.
Dedication towards Fueling Africa’s Digital Transformation
The DTA initiative stands as a seal of the US’s commitment to aid and support the digital transformation and trade capabilities of Africa on a global scale. This initiative echoes the narrative of the U.S.-African Continental Free Trade Area Memorandum of Understanding, which contains a proposed U.S. funding of $160 million. This fund will be invested in digital trade, stakeholder involvement, and trade facilitation in Africa. The fund also seeks to stretch the spectrum of goods and services trade, digital commerce, and back the Women and Youth Protocol of the African Continental Free Trade Area. Such ambitious commitments reflect the U.S.’s unwavering commitment to nurture economic partnerships in the region.
