Quick Takes

Nigeria, US to Strengthen Trade

TheU.S.ChamberofCommerce’sU.S.-AfricaBusinessCenterrecently hosted the Nigerian Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah for a roundtable discussion with U.S. business executives at their office in Washington, D.C. The conversation focused on enhancing trade and investment relationship between both countries. The event came I n the context of a telephone call between President Muhammadu Buhari and President Donald Trump last Monday, where both Presidents discussed security and economic issues. It is seen as suggesting the U.S. consideration of Nigeria as a strategic partner. “The U.S. has historically been one of Nigeria’s top trading partners; it was the biggest importer of Nigeria’s crude oil at some point. In the last five years, however, the sharp decline in U.S. imports of our crude, on account of rising domestic production of shale, has altered the trade balance between our two countries. “This development presents Nigeria with a good opportunity for diversification and to explore and increase non-oil export – especially in agricultural products, services and the digital economy,” Enelamah said.On his part, the President of the U.S.Africa Business Center and Vice President for African Affairs at the Chamber Scott Eisner, stated that “With the largest economy in Africa, Nigeria is an important partner for U.S. businesses. Our conversation highlighted the work being done to strengthen the economic relationship between our two countries and how we can continue to build on this relationship.”