The Federal Government of Nigeria and the United States have signed a Memorandum of Understanding (MoU) on Commercial and Investment Partnership, a key step in bolstering their economic relations.... CLICK TO READ THE FULL NEWS HERE▶▶
The agreement was finalized during the 2024 AGOA Forum in Washington DC by Nigeria’s Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, and U.S. Secretary of Commerce, Gina Raimondo.
The MoU aims to strengthen bilateral commercial and investment ties by enhancing the business environment and fostering private sector-led trade and investment projects.
It covers crucial economic sectors such as infrastructure, agriculture, sports, the digital and creative economy, and includes cross-cutting areas like investment promotion and regulatory reforms.
The agreement establishes a framework for ongoing consultations at various levels, including business-to-government, government-to-government, and business-to-business interactions.
Additionally, both nations have committed to exploring new avenues of commercial cooperation and aligning priorities on the digital economy.
Dr. Uzoka-Anite highlighted the significance of the MoU, stating, “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.
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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.”
Secretary Raimondo emphasized Nigeria’s importance as a partner, 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, effective for five years with provisions for review, establishes structures for cooperation including ministerial co-chairs, technical co-chairs, and various levels of consultation involving government and private sector stakeholders.
In related developments, Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), initiated discussions to secure investments and expand market opportunities for Nigerian SMEs.
Odii emphasized the agency’s goal of leveraging AGOA opportunities to foster growth, industrialization, job creation, and improved production quality for Nigerian SMEs.
Odii also noted the agency’s efforts to eliminate inefficiencies and barriers affecting Nigeria’s SME sector, including collaborations with government agencies to address issues related to taxation, health and safety regulations, land access, and financing.
This agreement marks a significant milestone in the Nigeria-U.S. economic relationship, promising enhanced cooperation and mutual benefits.
