Nigeria-US Annual Trade Reaches $10 Billion, Says Consul-General

In a significant development for Nigeria’s international trade, the Consul-General of the United States Consulate in Lagos, Will Stevens, announces that the annual trade between Nigeria and the U.S. has reached $10 billion.

Speaking at the opening ceremony of a workshop on the African Growth and Opportunity Act (AGOA), Stevens highlights the growing partnership between the two countries, emphasizing the nearly equal balance of trade—about $5 billion from each nation.

The workshop, aimed at empowering Nigerian businesses, government agencies, and trade stakeholders, focuses on optimizing the benefits of AGOA, a U.S. trade initiative that offers duty-free access to the U.S. market for over 1,800 products from sub-Saharan Africa. Stevens stresses the importance of expanding Nigerian exports beyond oil and gas, which currently dominate AGOA-related trade. He encourages Nigerian businesses to explore the vast U.S. market, noting that the country represents 27% of the global economy.

While oil products constitute a large portion of Nigeria’s exports under AGOA, Stevens points out the need to diversify Nigeria’s economic activities, which could significantly increase non-oil exports to the U.S. “If you can succeed in the U.S. market, you can succeed globally,” Stevens remarks, urging Nigerian exporters to seize the opportunity to penetrate diverse sectors.

Deputy U.S. Trade Representative for Africa, Osvaldo Gomez-Martinez, also underscores the immense potential for Nigeria to expand its non-oil exports under AGOA. He emphasizes that as one of Africa’s largest economies, Nigeria is well-positioned to take advantage of duty-free access to the U.S. market, especially in manufacturing and agriculture.

The event also features insights from the Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Charles Odii, who acknowledges the challenges faced by Nigerian SMEs but highlights government efforts to support business growth, including financial support initiatives. The AGOA workshop serves as a platform for further strengthening Nigeria’s trade with the U.S., with the broader aim of fostering sustainable economic growth for both nations.

AGOA remains a key framework for enhancing Nigeria’s export potential, providing opportunities for businesses to thrive in global markets while supporting broader economic goals.