Nigeria and the United States have strengthened economic collaboration across agriculture, digital economy and infrastructure, with a view to improving and deepening bilateral trade between both countries over the next five years, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said.

At the second ministerial meeting of the Nigeria–U.S. Commercial and Investment Partnership (CIP), held in Lagos yesterday, Oduwole said Nigeria’s central priority was accelerating non-oil export diversification and ensuring that more Nigerian businesses access the U.S. markets in a way that is competitive, sustainable and inclusive.

Signed in July 2024, the CIP was established to deepen trade and investment between the two countries. The agreement will run for the next five years.

Speaking with The Guardian, Oduwole pointed out that the government would work very closely with the private sector on the Nigeria-US CIP in three core areas – infrastructure, agriculture and digital technology/digital trade.

“These are areas where both economies are strong and we are working collaboratively to support our private businesses to welcome investment into these sectors across Nigeria and for U.S. businesses to benefit from trading with Nigeria.

“Nigerian businesses are also looking for market access and we will ensure that the collaboration – whether in trade in goods or trade in services – builds our infrastructural footprint and remains mutually beneficial,” she said.

Stressing that the organised private sector (OPS) came up with the three areas of focus, she said the choice perfectly aligned with the ministry’s goal of non-oil diversification.

Oduwole promised to support the private sector to scale globally in services, technology and agriculture with the help of the U.S., which she described as a “world leader in agriculture”.

She revealed that her ministry, alongside the Ministry of Finance, has undertaken a tariff review exercise.

“We are taking deliberate steps to recalibrate select trade measures in ways that combat food inflation, improve access to essential inputs and strengthen domestic value chains. The tariff review process forms part of a wider effort to modernise trade policy, expand market access and improve industrial competitiveness.

This is being tackled carefully and strategically to support domestic production, strengthen economic resilience and create more predictable and efficient conditions for trade and investment. We are building a $1 trillion economy anchored on industrial value creation, competitive exports, resilient institutions and deep capital markets,” she stressed.

Deputy Assistant Secretary for the U.S. Commercial Service at the U.S. Department of Commerce, Brad McKinney, said both countries were keen on moving the partnership from dialogue to outcomes and that the ministerial meeting was proof that the goal was on course.