US, Nigeria Strengthen Bilateral Trade Relations

26 Apr 2013

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Olusegun Aganga,  Trade  and Investment Minister

Raheem Akingbolu

The United State of America and Nigeria have strengthened their bilateral ties in a fresh move to expand the economic frontiers of both countries, National President, Nigerian-American Chamber of Commerce, Mazi Sam Ohuabunwa, has said.

Speaking in Lagos during a press conference organised to herald the 2013 Trade Mission to the US, Ohuabunwa said the trade between Nigeria and US has consistently be on the rise, with the two countries striving individually to benefit more from the balance of trade.
  He said: “Having realised that the balance of trade is not in their favour, US has started moving towards jacking up her investment in the Information Communication Technology, telecommunications and other economic activities, while Nigeria, as a major supply of crude oil to the US is working assiduously to diversify into other areas.”
He added that Nigeria has not only expanded its  reach in the area of agriculture but has also moved towards adding more values by exporting processed foods and other products to increase her foreign earnings.

  According to him, the trade mission with the theme; ‘Increasing Business Opportunities between Nigeria and America’ will provide  a platform for delegates to engage tailor-made business-to-business meetings, seminars, presentations and several other business for lined up for the duration of the two week trade mission.
  “Perhaps at no other time than now, our two countries economic climate provide outstanding opportunities for business persons on both sides to benefit from excellent deals and partnership. There is no gainsaying that we at NACC remain resolute at creating an enabling environment for promoting cordial business relationships between businesses in Nigeria and the US. 

To this end, our chamber is poised, in collaboration with other stakeholders, to continue to find means and strategies to increase trade with America and more importantly grow the non-trade by 23-30 per cent by 2015,” he said.
  While calling on private and public organisations to support the chamber, he added that some stakeholders, including the Federal Ministry of Agriculture and the Ondo State Government have already thrown their weights behind NACC to make the proposed  mission  a successful one.

Tags: Bilateral Trade, Business, Featured, Nigeria, Us

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