Market News

The trade volume between Nigeria and the United States (U.S) has reached $11.2billion, an improvement from the $10.04billion it was last years, U.S. Ambassador to Nigeria, Richard Mills Jr has said.

The envoy spoke when he delivered welcome remarks to the attendees of a forum hosted for over 450 Nigerian companies for the Networking with the USA (NUSA) Awards and Business Networking Event at the Civic Center in Lagos.

Commercial Service Nigeria, led by Commercial Counselor Julie LeBlanc and Commercial Attaché Blake Murray, hosted the event.

The NUSA Appreciation Event is organized to honor Nigerian business owners who promote U.S. products and services and who have contributed significantly to the achievement of the goals and objectives of the U.S. Commercial Service in Nigeria – expansion of trade and investment between the United States and Nigeria.

On the occasion, Amb Mills Jr highlighted the robust U.S.-Nigeria trade and investment relationship and thanked Nigerian companies for being vital contributors in strengthening a strong economic relationship that continues to grow, noting that two-way trade reached $11.2 billion in 2023, up from $10.4 billion the prior year.

In her keynote, Acting U.S. Consul General JoEllen Gorg underscored the important contributions Nigerian companies are making to deepen the bilateral commercial relationship noting, “the United States and Nigeria share a strong commercial relationship, and our NUSA network stands as a testament to our commitment to strengthening these ties and fostering economic growth.”

Read Also:‘Toyota is among Top 50 Brands in Nigeria’

Attendees had the opportunity to review and reflect upon 2024 NUSA activities. Highlights of the year included leading 10 official Nigerian trade show delegations to the U.S, 20 trade events that brought U.S. companies to Nigeria’s doorstep in Lagos and Abuja, and over 7,000 b2b meetings facilitated by the U.S. Commercial Service, among other high-visibility events.

These activities demonstrated the real impact NUSA members contribute to both economies.  Attendees also heard from two NUSA members and a U.S company about how their relationship with the U.S. Commercial Service and attendance at trade shows and other events have had a lasting and profound impact on their businesses.

The U.S. Commercial Service is the trade promotion arm of the U.S. Department of Commerce’s International Trade Administration. Its office in Nigeria, Commercial Service Nigeria, has the primary objective of opening market opportunities for U.S. and Nigerian businesses.