Nigeria and the United States have signed a Memorandum of Understanding (MOU) to boost commercial and investment partnerships. The agreement, sealed at the 2024 AGOA Forum in Washington DC, involves Dr Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of Industry, Trade, and Investment, and Gina M. Raimondo, U.S. Secretary of Commerce.
The MOU aims to enhance bilateral commercial and investment relations. It focuses on creating a better business environment, promoting private sector-led trade, and fostering direct business connections. This agreement sets the stage for strategies that encourage a mutually beneficial trade and investment relationship.
Key economic sectors in the agreement include infrastructure, agriculture, sports, and the digital and creative economy. The MOU also addresses investment promotion and regulatory reforms. Additionally, it establishes a framework for regular consultations among businesses and governments from both countries.
In a joint statement, both countries emphasized new avenues of commercial cooperation and reaffirmed shared priorities in the digital economy. This approach aims to strengthen bilateral economic relations comprehensively.
Dr. Uzoka-Anite commented, “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. 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.”
U.S. Secretary of Commerce Gina Raimondo highlighted the partnership’s importance, 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 establishes structures for cooperation, including ministerial co-chairs, technical co-chairs, and various levels of consultation involving both government and private sector stakeholders. It is set to remain operative for five years, with provisions for review and revision as needed.
The agreement seeks to deepen bilateral commercial and investment relations through collaborative efforts to improve the business environment, facilitate private sector-led trade and investment projects, and foster direct business relations. It sets the stage for implementing strategies that promote a mutually beneficial trade and investment relationship.
Source: Sun News
