The United States is intensifying efforts to strengthen economic relations with Nigeria and other African nations through increased trade and private sector investment, according to U.S. Ambassador to Nigeria, Richard Mills.
Speaking in Lagos during a policy address and fireside chat at the Lagos Business School, with the theme: “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership,” Mills outlined Washington’s renewed focus on Africa’s economic potential.
He emphasised that the new U.S. administration under President Donald Trump is recalibrating its Africa strategy, notably through the State Department’s recently launched commercial diplomacy framework for sub-Saharan Africa — a move the ambassador described as a “new chapter in U.S.-Africa relations.”
“This strategy is built on a commitment to expanding economic opportunity, deepening commercial engagement, and fostering long-term mutual prosperity,” Mills said.
Highlighting the significance of Nigeria to U.S. interests, Mills noted that Nigeria is the United States’ second-largest trading partner in Africa, with bilateral trade in goods and services totalling approximately $13 billion in 2024. He also stated that U.S. foreign direct investment in Nigeria reached $6.5 billion in 2023 — a 5.5per cent increase from the previous year.
Nigerians represent the largest African diaspora community in the United States. These deep-rooted family, educational, business, and cultural ties underscore Nigeria’s importance to U.S. policy in Africa,” he added.
As part of his mandate, Mills said his top priority is to enhance trade, investment, and business linkages between both nations. A critical step in achieving that, he explained, is the signing of a Commercial and Investment Partnership (CIP) agreement between the U.S. Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment.
The five-year memorandum of understanding focuses on three priority sectors identified by the Nigerian government: agriculture, the digital economy, and construction.
“Under the CIP, both governments will establish working groups for each of these sectors, comprised of U.S. and Nigerian private sector representatives. These groups will address non-tariff trade barriers and regulatory hurdles that have long inhibited trade and investment flows,” Mills said.
He stressed that both countries are committed to taking concrete steps, informed by private sector input, to remove these barriers and unlock new economic opportunities.
According to Mills, successful implementation of the CIP will boost job creation, foster innovation, and catalyze further investment. However, he emphasized that progress depends on establishing stable, transparent, and business-friendly regulatory frameworks in both nations.
He said: “We are ready to partner with Nigeria to strengthen institutions and create a more attractive investment environment. My team and I at the U.S. Mission will continue collaborating with Nigerian federal and state authorities to support vital reforms aimed at increasing U.S. foreign direct investment.”
Mills concluded by reaffirming America’s long-term commitment: “The United States remains dedicated to deepening our trade relationship with Nigeria and unlocking the full potential of our commercial partnership.”
