…Unveils vision for deeper economic collaboration
Nigeria-U.S. trade in 2024 stood at approximately $13 billion in goods and services.
The United States Ambassador to Nigeria, David Greene Mills, made the disclosure yesterday in his address at the Lagos Business School, where he declared that the fear was a testament to the growing strength and depth of commercial ties between the two nations.
He further disclosed that United States foreign direct investment also climbed to $6.5 billion, a 5.5 percent increase from the previous year, which highlighted renewed investor confidence and a shared commitment to long-term economic engagement.
At the event themed; “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership,” Mills articulated a forward-looking vision built on private sector dynamism, regulatory reform, and strategic cooperation.
The Ambassador praised the Lagos Business School for its role in advancing intellectual and entrepreneurial excellence, highlighting its strategic relocation from Victoria Island to the Lekki corridor—a move he described as visionary. With his recent visits to the Lagos Free Zone and American companies in Alaro City, Mills pointed to the growing footprint of U.S. enterprises in Nigeria. Firms such as Kellogg’s, Colgate-Palmolive, and Caterpillar are not only expanding manufacturing capacity but also driving industrial innovation and bilateral trade.
At the heart of his message was the U.S. State Department’s Commercial Diplomacy Strategy for Sub-Saharan Africa, launched earlier this year at the Africa CEO Forum in Abidjan. This bold strategy marks a pivot from aid-based models to trade-led development, placing economic growth and private sector partnerships at the core of U.S. foreign policy on the continent. Mills emphasized that Nigeria, as Africa’s most populous nation and the second-largest U.S. trading partner in the region, stands at the center of this strategic shift.
He further highlighted the vibrant people-to-people connections between the two countries, noting that over 20,000 Nigerian students are currently studying in the U.S.—more than from any other African country. In addition, the Nigerian diaspora in the United States, numbering over 750,000, represents the largest African immigrant community and plays a key role in strengthening cross-border economic and cultural bonds.
To consolidate these ties, Mills announced the upcoming formal launch of the U.S.-Nigeria Commercial and Investment Partnership (CIP)—a five-year bilateral agreement focused on agriculture, digital innovation, and infrastructure development.
The initiative will bring together policymakers and business leaders from both countries to resolve longstanding trade bottlenecks and promote a more predictable regulatory environment.
The Ambassador also praised the efforts of the interagency U.S. Mission team, which includes officials from the Departments of Commerce and Agriculture, the Development Finance Corporation, and other key institutions. In 2024 alone, this team facilitated over 7,000 business-to-business meetings and organized high-level trade missions aimed at unlocking new market opportunities and advancing U.S. commercial interests in Nigeria.
With more than 80 American companies already operating in Nigeria and U.S. venture capital responsible for over 60 percent of all startup funding in the country, the impact of American investment is increasingly visible. Ambassador Mills pointed to successful ventures like Flutterwave, Andela, and Esusu as powerful examples of how education, innovation, and transnational collaboration are shaping a new narrative for African entrepreneurship.
Concluding his remarks, Mills called on American businesses to explore new opportunities in Nigeria and urged Nigerian policymakers to enact reforms that encourage investment and innovation. He challenged young Nigerians to embrace their role in driving economic transformation with bold thinking and a global mindset.
“The United States is committed to strengthening our trade relationship,” he said, “and continuing to work with Nigeria to unlock the full potential of our commercial partnership for the benefit of the people of both our nations.”