Abuja, July 28, 2024 – The federal government has entered into partnership with the U.S. to strengthen their bilateral commercial and investment ties.
Doris Uzoka Anite, the Minister of Industry, Trade, and Investment, said a Memorandum of Understanding (MoU) with the U.S. to this effect was signed on the sidelines of the 2024 AGOA Forum in Washington, D.C.,
According to a statement from the ministry, the MoU is aimed at deepening bilateral commercial and investment relationships by enhancing the business environment, facilitating private sector-led trade and investment projects, developing direct business relations, and implementing actions for a mutually beneficial trade and investment partnership.
The statement reads: “The agreement focuses on key economic sectors including infrastructure, agriculture, sports and the digital and creative economy, as well as cross-cutting areas such as investment promotion and regulatory reforms.
“It also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government, and business-to-business engagements.”
In addition to the MoU, both countries issued a joint statement outlining new avenues of commercial cooperation and affirming shared priorities on the digital economy, demonstrating a comprehensive approach to enhancing bilateral economic relations.
The minister said the agreement focused on critical sectors like infrastructure, agriculture, and the creative as well as digital economy to lay 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.”
Gina Raimondo, the U.S. Secretary of Commerce said: “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.” (GBN)
