LAGOS — U.S. Deputy Assistant Secretary Bradley McKinney and Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, co-chaired the U.S.-Nigeria Commercial and Investment Partnership (CIP) Ministerial in Lagos on Thursday.
The meeting marks a pivotal milestone in the five-year CIP framework, aimed at expanding two-way trade, removing market barriers, and fostering a business environment led by private-sector innovation.
A joint interagency delegation met to review strategic reforms proposed by three specialized CIP Working Groups:
Agriculture: Boosting food security and supply chain efficiency, Digital Economy: Expanding tech infrastructure and cross-border innovation, and Infrastructure: Developing sustainable projects to support industrial growth.
”Over the past six months, these working groups have developed practical proposals to unlock trade and deepen our bilateral relationship,” said Deputy Assistant Secretary McKinney. “This meeting underscores the significant advancements we are making together.”
Minister Oduwole highlighted Nigeria’s commitment to shifting away from oil dependency, welcoming U.S. investors to view Nigeria as a gateway to the broader African continent.
”Our priority is to accelerate non-oil export diversification,” Oduwole stated. “We are laying the foundations for a more predictable, investible economy, ensuring Nigerian businesses can access U.S. markets competitively and sustainably.”
The partnership is backed by significant economic momentum: $13 Billion: Total two-way trade in goods and services (2024) $7.9 Billion: U.S. Foreign Direct Investment (FDI) in Nigeria (2024), and
25.2%: The year-over-year increase in U.S. investment from 2023 to 2024.
The U.S. and Nigeria will continue high-level consultations to streamline trade in goods and services. By leveraging world-class U.S. expertise and Nigeria’s emerging industrial potential, both nations aim to create jobs and drive prosperity on both sides of the Atlantic.
