Nigeria, USA Sign MoU to strengthen Commercial, Investment Ties
The federal government of Nigeria, in partnership with the United States, has signed a Memorandum of Understanding (MoU) to strengthen commercial and investment ties between the two countries.
The agreement was signed on the sidelines of the 2024 AGOA Forum in Washington, D.C., by Nigeria’s Minister of Industry, Trade, and Investment, Doris Uzoka Anite, and the U.S. Secretary of Commerce, Gina Raimondo.
According to a statement from the ministry, the MoU aims to deepen bilateral commercial and investment relationships by enhancing the business environment, facilitating private sector-led trade and investment projects, developing direct business relations, and implementing actions for a mutually beneficial trade and investment partnership.
The statement read: “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 issued a joint statement outlining new avenues of commercial cooperation and affirming shared priorities on the digital economy, demonstrating a comprehensive approach to enhancing bilateral economic relations.
The minister added that the 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.
She said: “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.”
U.S. Secretary of Commerce, Gina Raimondo, 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.”
