Nigeria committed to deepening trade, investment ties with US – Envoy

The Consul-General of Nigeria in New York, Abubakar Jidda, says Nigeria is unwaveringly committed to strengthening bilateral trade and investment ties with the United States.

Mr Jidda made the call in Cleveland, Ohio, while delivering the keynote address at the 14th Annual Trade and Investment Summit of the Nigeria-USA Chamber of Commerce on Saturday.

He said Nigeria remained open for business and urged US stakeholders and the Nigerian diaspora business community to take advantage of far-reaching reforms under President Bola Tinubu’s Renewed Hope Agenda to invest in key sectors of the Nigerian economy.

“Nigeria is sending a clear and coordinated message to global partners: We are reforming, we are resilient, and we are ready,” Mr Jidda said, calling on investors to leverage Nigeria’s strategic reforms and immense economic potential.

“For Nigeria and the United States, this is the time to move from diplomacy to concrete deliverables owing to the longstanding relations between the two countries,” Mr Jidda said.

According to him, the volume of trade between Nigeria and the US was over $8.1 billion in 2024 while Nigeria’s non-oil exports to the US grew by over 15 per cent, highlighting the trade and investment relationship between the two countries.

He said recent landmark policy shifts such as the removal of fuel subsidies, foreign exchange unification, tax reforms and business environment enhancements demonstrated Nigeria’s commitment to creating the enabling environment for a private sector-led diversified economy.

The envoy further highlighted the government’s initiatives to liberalise trade, improve market access and institutionalise legal and regulatory frameworks to protect foreign investment.

The diplomat stressed that no serious investor looking for long-term growth and appreciable return on investment could afford to ignore Nigeria.

He added, “Nigeria is the largest economy in Africa with a population of over 220 million, a youthful and dynamic labour force and access to the $3.4 trillion African Continental Free Trade Area.

“Investors in Nigeria are not just entering a country, they are accessing an entire continent,” he said, urging investors “to come to Nigeria, invest in Nigeria and grow with Nigeria.”

Mr Jidda outlined 10 key pillars driving Nigeria’s international trade and investment policy, including trade liberalisation, investment protection, ease of doing business reforms, infrastructure modernisation, export diversification and public-private partnerships.

He said improvements such as online company registration within 24 hours, digitised port operations, special economic zones, tax holidays and visa-on-arrival policies were strategically designed to lower barriers and facilitate smoother entry for foreign businesses.

Mr Jidda cited growth opportunities in agribusiness, FinTech, energy transition, pharmaceutical manufacturing, real estate, tourism, shipping and creative industries, urging US and diaspora entrepreneurs to harness Nigeria’s evolving landscape for mutual prosperity.

The envoy also commended the Nigeria-USA Chamber of Commerce for its role in promoting sustainable bilateral economic cooperation and praised Nigerians in the diaspora for their continued contributions to national development.

“I salute the resilience, brilliance and entrepreneurial spirit of Nigerians in the diaspora. You remain one of our greatest assets in advancing Nigeria’s global economic footprint.

“Your remittances, expertise and investments are pivotal to the nation’s transformation,” the consul-general said.

Mr Jidda assured investors that the Nigerian missions in the US stood ready to support investors and potential investors’ business vision, facilitate engagements and bridge institutional gaps.

He encouraged US businesses and investors to collaborate with Nigerian partners, citing robust government-backed financing mechanisms such as the Nigeria Sovereign Investment Authority, Infrastructure Corporation of Nigeria and the Development Bank of Nigeria.

Mr Jidda said, “Nigeria is a promise to be fulfilled. And that promise can only be achieved together.

“We have vast resources, a strategic geographic position and an unwavering ambition to industrialise.”

Earlier in his welcome address, the Founding CEO of the Nigeria-USA Chamber of Commerce, Leo Kareem, reflected on the organisation’s journey since its inception.

“Since our founding in 2010, this summit has travelled between the United States and Nigeria, strengthening our mission to promote bilateral trade and empower small businesses across continents,” Mr Kareem said.

READ ALSO: US Embassy issues new requirements for Nigerian visa applicants

He said the 2025 theme, ‘Promoting US and Nigerian Exports to Emerging Markets’, underscored the chamber’s commitment to building inclusive economic bridges, exchanging ideas and fostering business partnerships

Among the participants at the event was Franklin Ogunyemi, consul for Trade and Investment at the Consulate General of Nigeria in New York, who engaged with US stakeholders on practical opportunities for trade facilitation and investment partnerships with Nigeria.

The summit brought together Nigerian and American policymakers, entrepreneurs, trade experts and investors to explore collaborative opportunities and strengthen commercial partnerships between the two nations.

(NAN)