Monday, December 3, 2012
U.S. & Nigeria Conclude Trade & Investment Agreement Summit In Abuja
US Trade Representative
December 3, 2012
Abuja, Nigeria – The United States and Nigeria today held the seventh meeting of the U.S.-Nigeria Trade and Investment Framework Agreement (TIFA) Council in the Nigerian capital city of Abuja. Discussions focused on several common objectives, including market access, cooperation in the World Trade Organization (WTO), issues affecting the commercial environment, local content restrictions, implementation of the African Growth and Opportunity Act (AGOA), intellectual property rights, and improving the bilateral investment climate between the United States and Nigeria. Discussions were led for the United States by Assistant U.S. Trade Representative for African Affairs Florizelle B. Liser and for Nigeria by Nigerian Minister of Trade and Investment Olusegun Olutoyin Aganga.
Nigeria is one of the most important countries in sub-Saharan Africa, and has significant strategic importance for the United States. As the largest market in West Africa, Nigeria plays a central role in the regional economy, and policies implemented in Nigeria have an effect that reverberate throughout the region.
Total U.S.-Nigerian trade was valued at $38.5 billion in 2011, up nearly 12 percent from 2010, largely due to higher oil export volumes and prices. U.S. imports from Nigeria were valued at $33.7 billion in 2011 and consisted almost entirely of crude oil. U.S. non-oil imports from Nigeria consisted primarily of agricultural products, such as cocoa, tobacco, rubber, feeds and grains, and nuts. U.S. exports to Nigeria were valued at $4.8 billion in 2011, an 18.4 percent increase from 2010. Nigeria is the world’s largest importer of U.S. wheat, with purchases valued at $1.2 billion in 2011. Other major U.S. exports to Nigeria include transportation vehicles and processed petroleum products, such as gasoline and kerosene.
The United States and Nigeria have worked cooperatively together over the years to make significant strides towards improving the environment for business and trade. The U.S.-Nigeria TIFA is part of a comprehensive U.S. effort to support the Nigerian Government’s work to advance trade and economic development. The U.S.-Nigeria TIFA Council is working to develop specific initiatives to expand economic opportunities for workers, farmers, businesses, and consumers in both countries.
The United States-Nigeria TIFA was signed in 2000. It provides a mechanism for regular, high-level dialogue on enhancing U.S.-Nigeria economic ties and improving coordination on multilateral and bilateral trade and investment issues.
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