Trade between the United States and Nigeria has surged to nearly $13 billion in 2024, marking a significant milestone in economic relations between the two nations. The announcement was made by the U.S. Ambassador to Nigeria, Richard M. Mills Jr., during a business forum hosted by Lagos Business School.
Speaking at the event themed “Towards a Robust U.S.-Nigeria Commercial and Investment Partnership”, Ambassador Mills highlighted Nigeria’s rising profile as a key trading ally, revealing that the country is now the second-largest U.S. trading partner in Africa.
“This growth reflects the deepening commercial relationship between our two countries,” Mills said, while unveiling a new U.S. initiative — the Commercial Diplomacy Strategy for Sub-Saharan Africa. The strategy is designed to strengthen trade and investment ties across the region, with Nigeria positioned as a key focus.
He noted that Nigeria is one of only five African countries with which the United States has signed a Commercial and Investment Partnership agreement, covering priority sectors such as agriculture, the digital economy, and infrastructure.
“Our goal is to eliminate trade barriers, attract investment, and create jobs in both countries,” Mills said. “We are shifting from aid to trade. The U.S. is engaging African nations as capable commercial partners.”
Ambassador Mills also emphasized the U.S. Mission’s ongoing efforts to support innovation and enterprise in Nigeria. He pointed to the Global AI Conference held in Lagos in September 2023 as part of initiatives to drive technology and innovation partnerships.
According to Mills, over 80 large American companies are currently operating in Nigeria, and more U.S. businesses are exploring entry into the Nigerian market.
He praised Lagos Business School for its collaboration with the U.S. Mission and reiterated the importance of a conducive investment climate.
“A stable, open, and fair business environment is critical to attracting investors and fostering economic growth,” he said. “We believe that with the right policies and continued cooperation, Nigeria and the United States can accomplish much more together.”
