Nigeria, U.S. seek deeper ties as trade volume hits $6.5 billion

By Femi Adekoya |   13 December 2019   |   4:14 am  

NACC president, Otunba Oluwatoyin Akomolafe

The Nigerian American Chamber of Commerce (NACC) has stated that it would mobilise initiatives to create greater trade deals between Nigeria and the United States, noting that plans are also ongoing to also push for an enabling business environment to reduce Nigeria’s dependence on hydrocarbon resources.

The NACC president, Otunba Oluwatoyin Akomolafe, said the chamber is poised to promoting business relationships between both countries.

Meanwhile, the Consul General, US Consulate, Ms. Claire Pierangelo, said the volume of trade between Nigeria and the United State has hit $6.5 billion as at October 2019.

Akomolafe at the chamber’s yearly dinner, in Lagos on Wednesday, said the event was to celebrate excellence in the Nigerian business sector, maintaining that the chamber is planning an AGOA stakeholder forum expected to be graced by experts on quality assurance, trade and finance.

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“Our wrap up for 2019 is our AGOA stakeholder forum, featuring experts in quality assurance trade and finance. The year 2020 will make it 60 years that the chamber has been in existence as the foremost bilateral chamber in Nigeria,” he stated.

The US Consul General, said since the inception of the chamber 60 years ago, it has played a key role in advancing United States-Nigeria trade and investment bringing together potential business partners from both countries and serving as a catalyst to strengthen the already extensive commercial ties.

According to her, Nigeria remains one of the United States’ largest trading partners in sub-Saharan Africa, stating that NACC was a key player in achieving that result.

“Nigeria is a key player in our bilateral economic relationship and I am excited at the very many opportunities for partnership with the United States mission for 2020. In addition to several bilateral dialogues, we are going to see the launch of USAID’s West Africa trade hub which will now be based in Abuja.

“The US Commercial Service will host their United States fair at the end of March which would bring about 60 potential United States companies to meet with business leaders and as you and your members pursue these initiatives, you can count on our support. Your mission to foster and promote US-Nigeria trade and investment is one that we fully share,” she added.

The Executive Chairman, BUA Group, Abdulsamad Rabiu, commended the board of NACC for the smooth running of the chamber, while also ensuring greater trade and commercial relationships as well as easing the business relationship between Nigeria and the United States.

He said much work has been done in various sectors over the years, but believes more still needs to be done.

“The chamber has been at the fore front of driving cross-border investment regardless of the economic and climate situation both in the United States and Nigeria. Now is the time to diversify partnerships further, increase the focus on our Small and Medium Enterprises (SMEs) and grow volumes of businesses conducted between Nigeria and American companies under the guiding hands of the chamber. We can and must do more. For the chamber to work effectively, we must as members, keep sharing ideas, experiences. It is only then we can attract and extract the full benefits of our membership,” he stressed.

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