Nigeria would continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (AGOA), according to the United States of America’s Ambassador to Nigeria, Mary Beth Leonard.
On a visit to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, Leonard said Nigeria became qualified after a review of the requirements imposed by the US Congress under AGOA, according to a statement released by the Ministry of Industry, Trade and Investment.
The establishment of a market-based economy, rule of law, political pluralism, right to due process, fair trial, equal protection under the law, elimination of barriers to US trade and investment, economic policies to reduce poverty, a system to combat corruption and bribery, and protection of internationally recognized workers’ rights, among other things, were among the criteria for eligibility, according to her.
The AGOA criteria also require the benefiting country to adhere to international human rights standards.
During the AGOA eligibility review, the US government acknowledged Nigeria’s efforts in diversifying and strengthening the market-based economy, poverty reduction, power sector reforms, boosting electricity pricing, and implementing the Nigeria Economic Sustainability Plan, according to Leonard.
In his response, the Minister assured that the government would continue to do everything within its power to deepen trade relations between the two countries and promised to convey the concerns of the US government to affected agencies of government, some of which were not under the control of his ministry.
AGOA is a trade policy of the United States which allows 6,000 products to be exported to the US, duty-free.
Many countries in Africa are exporting finished products to the US through the instrumentality of AGOA.
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