The United States Ambassador to Nigeria, Richard M. Mills Jr., has underscored the deepening economic ties between both nations, disclosing that bilateral trade hit nearly $13 billion in 2024.
The envoy made the revelation during a keynote address at Lagos Business School’s event titled “Towards a Robust U.S.-Nigeria Commercial and Investment Partnership.”
Ambassador Mills emphasized Nigeria’s position as America’s second-largest trading partner in Africa, stressing the untapped potential for expanded investment. He announced the rollout of the U.S. Department of State’s new Commercial Diplomacy Strategy for Sub-Saharan Africa, aimed at boosting economic collaboration between the U.S. and African economies.
“Nigeria is one of only five African countries with which the U.S. has signed a Commercial and Investment Partnership agreement,” Mills stated. “The CIP prioritizes three key sectors: agriculture, the digital economy, and infrastructure.”
The partnership, he explained, focuses on dismantling trade barriers, generating employment, and creating mutual economic opportunities.
“We are making a shift from aid to trade. The U.S. is engaging African nations as capable commercial partners,” he affirmed.
The ambassador highlighted proactive steps by the U.S. Mission to strengthen economic relations, including hosting the Global AI Conference in Lagos in September 2023. He noted that over 80 major U.S. corporations currently operate in Nigeria, with plans to attract more American investors.
Mills also commended the collaboration between the U.S. Mission and Lagos Business School, reiterating the need for a stable, transparent, and investor-friendly regulatory climate to sustain economic growth.