The U.S. Consul-General in Lagos, Will Stevens, revealed on Monday that the trade relationship between Nigeria and the United States amounts to $10 billion annually, with each country contributing about $5 billion. He made this statement during the African Growth and Opportunity Act (AGOA) workshop in Lagos.
“We have an incredibly balanced trade relationship almost 50-50, which means we are equal partners,” Stevens said. “But $3.8 billion of that under AGOA is oil-related products, and we want to see more.”
He emphasized the need for Nigeria to expand trade beyond oil, noting that the oil sector makes up less than eight percent of the country’s GDP. “Where is the rest of your economic activity, and why is it not being exported to the United States?” he asked.
AGOA, enacted in 2000, gives eligible African countries duty-free access to the U.S. market for over 1,800 products. It aims to diversify exports beyond raw materials such as oil and to integrate African producers into global supply chains.
Deputy U.S. Trade Representative Osvaldo Gomez-Martinez urged Nigeria to diversify exports into agriculture and manufacturing to reduce reliance on oil. He stressed that meeting U.S. standards would give Nigerian products a competitive edge globally.
“The future lies in expanding beyond oil and embracing the full spectrum of AGOA-eligible products,” Gomez-Martinez said.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
