The United States and Nigeria recorded a two-way trade in goods and services worth about $13 billion in 2024, making Nigeria the U.S.’s second-largest trade partner on the African continent. This was announced by Richard Mills, the U.S. Ambassador to Nigeria, during a policy speech at Lagos Business School. Ambassador Mills highlighted the American government’s renewed focus on expanding trade and private sector investments in Nigeria and other African countries to boost economic growth.
Mills explained that the recent U.S. commercial diplomacy strategy for sub-Saharan Africa aims to increase economic opportunities, strengthen commercial ties, and promote long-term prosperity for both regions. He revealed that U.S. foreign direct investment in Nigeria reached $6.5 billion in 2023, a 5.5% increase from the previous year, underscoring Nigeria’s key role in U.S.-Africa relations.
The ambassador also pointed out the strong cultural and business ties between the two countries, with over 750,000 Nigerians living in the United States, forming the largest African diaspora group. This connection supports ongoing collaboration and shared goals.
The U.S. Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment recently signed a five-year Commercial and Investment Partnership (CIP) to deepen economic cooperation. This agreement focuses on three Nigerian government priorities: agriculture, digital economy, and construction.
The partnership signals a new phase in U.S.-Nigeria relations, centered on expanding trade and investment for mutual benefit.
