The Consul-General of the United States Consulate in Lagos, Nigeria, Will Stevens, has said that Nigeria and the US have a $10bn annual trade relationship. Steven disclosed this on Monday in Lagos while speaking at the opening ceremony of the African Growth and Opportunity Act workshop with Proper Africa.
The workshop aims to equip export-ready Nigerian businesses, Nigeria Customs Service, trade officials, and relevant stakeholders with the necessary knowledge and skills to maximise the benefits of AGOA and improve its utilisation in Nigeria.
Steven said the US and Nigeria have an incredibly balanced trade relationship.
“The United States and Nigeria have an incredibly balanced trade relationship almost 50-50 which means we are equal partners. So it’s almost a $10bn yearly trade relationship, about $5bn from the US to Nigeria and $5bn from Nigeria to the US. But $3.8bn of that in AGOA is oil-related products and we want to see more,” he said.
He stated that despite the two countries’ balanced trade relationship, most of the trade under AGOA between them comes from the oil and gas sector.
