Nigeria, US to deepen trade in key sectors

Nigeria and the United States of America have reached plans to deepen trade relations following high-level talks to discuss economies and investment opportunities in both countries.

The agreement was reached yesterday during a meeting between the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and a high-ranking American delegation in Abuja.

The talks, led by U.S. Assistant Secretary of Commerce for Global Markets Arun Venkataraman, focused on strengthening bilateral trade and investment relations between the two countries.

These included the Trade and Investment Framework Agreement (TIFA), the Africa Growth and Opportunity Act (AGOA), the Binational Commission (BNC) and the Commercial Investment Dialogue (CID).

Uzoka-Anite, speaking on Nigeria’s economic potential, said: “The current administration’s drive to achieve a 1 trillion naira economy is focused on investing in key sectors of the economy to spur growth.”

Venkataraman noted the importance of translating the potential of U.S.-Nigeria economic cooperation into concrete actions, noting, “It is imperative to address trade imbalances and foster innovation, as well as promote non-oil exports under AGOA.”