The Federal Republic of Nigeria and the United States of America have taken a significant step towards strengthening their economic ties by signing a Memorandum of Understanding (MOU) on Commercial and Investment Partnership. The agreement was signed on the sidelines of the 2024 AGOA Forum in Washington DC by Dr. Doris Nkiruka Uzoka-Anite, Honourable Minister of Industry, Trade and Investment, and the Honourable Gina M. Raimondo, U.S. Secretary of Commerce.
This MOU aims to deepen bilateral commercial and investment ties between Nigeria and the United States through collaboration to enhance the business environment, facilitate private sector-led trade and investment projects, develop direct business relations, and implement actions for a mutually beneficial trade and investment relationship.
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.
Dr. Uzoka-Anite stated, “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 importance of the partnership, saying, “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.
This 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.
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