In a momentous move to enhance economic ties, the Federal Republic of Nigeria and the United States of America have signed a Memorandum of Understanding (MOU) on Commercial and Investment Partnership. The agreement, signed during the 2024 AGOA Forum in Washington DC, was officiated by Dr. Doris Nkiruka Uzoka-Anite, Nigeria’s Honourable Minister of Industry, Trade and Investment, and the Honourable Gina M. Raimondo, U.S. Secretary of Commerce.
The MOU seeks to deepen bilateral commercial and investment relations through collaborative efforts to improve the business environment, facilitate private sector-led trade and investment projects, and foster direct business relations. It sets the stage for implementing strategies that promote a mutually beneficial trade and investment relationship.
Key economic sectors targeted by the agreement include infrastructure, agriculture, sports, and the digital and creative economy. Additionally, it addresses cross-cutting areas such as investment promotion and regulatory reforms. The MOU also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government, and business-to-business engagements.
Beyond the MOU, both countries issued a joint statement highlighting new avenues of commercial cooperation and reaffirming their shared priorities in the digital economy.
This demonstrates a comprehensive approach to enhancing bilateral economic relations.
Dr. Uzoka-Anite remarked, “This MOU marks a pivotal moment in Nigeria-U.S. economic relations. By focusing on critical sectors like infrastructure, agriculture, and the creative and digital economy, we are laying the groundwork for sustainable economic growth and job creation. This partnership underscores our commitment to nurturing an enabling environment for investment and trade, which is crucial for President Bola Ahmed Tinubu’s economic development agenda.”
“We are particularly excited about the opportunities this presents for our fast-growing tech sector and the potential for knowledge transfer and innovation.”
U.S. Secretary of Commerce Gina Raimondo emphasized the significance of the partnership, stating, “With the largest population and largest democracy in Africa, Nigeria is an essential partner for the United States.
At the U.S. Department of Commerce, we are committed to working hand-in-hand with our Nigerian Government colleagues to foster deeper commercial cooperation that helps promote inclusive economic growth, fosters innovation, and creates jobs in both our countries.”
The MOU establishes structures for cooperation, including ministerial co-chairs, technical co-chairs, and various levels of consultation involving both government and private sector stakeholders. It is set to remain operative for five years, with provisions for review and revision as needed.
The agreement represents a significant milestone in strengthening economic ties between Nigeria and the United States, promising to usher in a new era of mutual prosperity and cooperation.