The trade relationship between the United States and Nigeria has reached a significant milestone, now valued at $10 billion annually, as reported by Will Stevens, the U.S. Consul-General in Lagos.
This announcement was made during a workshop aimed at maximizing the benefits of the African Growth and Opportunity Act (AGOA) for Nigerian businesses.
Stevens highlighted the unique nature of the trade partnership, noting that it is nearly evenly split, with approximately $5 billion in goods flowing from the U.S. to Nigeria and an equal amount in the opposite direction.
However, a substantial portion of Nigeria’s exports to the U.S. under AGOA is about $3.8 billion and consists of oil-related products, raising questions about the underrepresentation of other Nigerian goods in the American market.
“Surprisingly, oil and gas make up less than 8% of Nigeria’s economy,” Stevens pointed out. He urged Nigerian entrepreneurs to explore the vast opportunities available under AGOA, which grants them duty-free access to the U.S. market—a market that comprises 27% of the global economy.
To illustrate the potential impact, he compared the market size of New York State to Nigeria’s entire economy, emphasizing the significant gains that could be achieved.
The workshop, part of the Prosper Africa initiative, aims to strengthen trade ties between the U.S. and Africa by facilitating the export of Nigerian products to American consumers.
“It’s not just about us selling our products to you, but also about helping you sell your products to us,” Stevens stated, underscoring the reciprocal nature of the partnership.
He encouraged Nigerian businesses to leverage AGOA, envisioning a future where success in the U.S. market could pave the way for entry into other major global markets, including Asia and Europe. “If you can succeed in the U.S. market, you can succeed anywhere,” he concluded, urging attendees to cultivate connections that could enhance their export capabilities.
