Nigeria-U.S. Trade Volumes hit $10b

The trade volumes between Nigeria and the United States (U.S.) reached $10 billion while the U.S. government announced a fresh injection of $125million cash into the economy for food security and water.

The U.S. government commended the economic reforms of President Bola Tinubu and noted that Power Africa, working with Congress, intends to support a new, five-year, $90 million program to support on and off-grid development, underscoring the importance the two countries placed on expanding energy access and reliability as fundamental to achieving economic growth and prosperity.

According to a text released by the governments of U.S and Nigeria on the occasion of the sixth U.S.-Nigeria Binational Commission in Abuja held between April 29 and 30, this year, Nigeria expressed its desire to increase African exports to the U.S., while the U.S. reaffirmed its commitment to Nigeria’s development and pledged efforts to facilitate Nigeria’s use of trade opportunities. 

The two sides discussed Nigeria’s utilisation of the African Growth and Opportunity Act (AGOA) and identified ways to increase sustainable and inclusive growth. The Binational Commission built on the strong foundation agreed during the January 23, this year meeting between President Tinubu and Secretary of State Antony J. Blinken in Abuja.

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