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Bianca Iboma-Emefu
The United States Trade Representative for Africa, Constance Hamilton said 19 years on, Nigeria has failed to tap into the African Growth and Opportunity Act (AGOA) export.
She made spoke during a Telephonic press briefing held at the U.S embassy in Lagos. Hamilton also said Nigeria need to deepen its U economic ties with U.S. as well as expand its economy to reap benefit from AGOA.
She urged the Federal Government to diversify its economy by engaging more on non-oil products. She explained that the much touted AGOA was launched by the U.S with the aim of facilitating a two-way trade arrangement between US and sub-Sahara Africa and by extension, allow for economic growth in the continent.
“Nigeria has continued to lose so much in terms of huge revenue generation, base on its mono-economy culture. The nation would have earned huge revenue from the AGOA export platform, if it had engaged more on non oil products, especially now that oil prices are dropping.
“Most countries benefitting from the platform have aggressive market non oil products, thereby making large turnout yearly, which has boosted their economy. But Nigeria incidentally, is yet to fully milk from the Act because its AGOA trade is largely dominated by oil.”
“Nigeria can as well make use of this catalyst trade investment, just like South Africa who had increased their supply chain through manufacturing.”
On his part Assistant Secretary Bureau of African Affairs, Tibor Nagy said each nation need to take advantage of the remaining six years of the initiative and diversify, because AGOA, might end in 2025, it has been on closed to two decades.
“Nigeria government need to brace up and should try possible means to access it. The nation needs extensive co-ordination and work through the trade.
“U.S has shown interest in providing good jobs for youths. The three sectors of trade had been energy related products, which Nigeria and Angola have used to monopolise their economy.”
