Nigeria and the United States have taken new steps to deepen bilateral trade and investment relations, following a strategic meeting between Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and the outgoing U.S. Ambassador to Nigeria, Richard M. Mills Jr. The meeting, which also had in attendance the incoming U.S. Consul General, Rick Swart, focused on aligning the commercial interests of both nations and reviewing key frameworks shaping their economic cooperation.
Speaking at the meeting, Dr. Oduwole acknowledged the recent adjustment in Nigeria’s tariff rate on U.S. trade, which increased from 14 to 15 percent. She clarified that despite this marginal rise, Nigeria remains an attractive and viable destination for U.S. investors, thanks to the significant volume of duty-free machinery, equipment, and services entering the country from the United States.
The Minister underscored the positive outcomes already emerging from the U.S.-Nigeria Commercial Investment Partnership launched on June 24, 2025. This partnership, she noted, has spurred increased business-to-business interactions, with the momentum expected to build towards a high-level ministerial meeting scheduled for November 20, 2025. These developments reflect the mutual commitment of both countries to strengthening economic collaboration.
She further highlighted the government’s focus on advancing food sovereignty, digital trade, and improving competitiveness through the “Nigeria First Policy and Intervention” agenda of President Bola Ahmed Tinubu. According to her, recent fiscal, monetary, and trade reforms have started yielding measurable results, helping to stabilise Nigeria’s economy and positioning it for long-term growth.
In his response, Ambassador Mills reaffirmed the United States’ interest in strengthening its commercial relationship with Nigeria, recognising it as Africa’s largest and most dynamic market. He acknowledged the scale of U.S. investments already present in Nigeria and expressed optimism about the prospects for expanding trade ties.
Incoming Consul General Rick Swart pledged to uphold the principles of free and fair trade, noting that both sides stood to benefit from a more robust economic partnership. He also reiterated the U.S. government’s commitment to deepening investment opportunities and aligning commercial priorities with broader strategic objectives.
The meeting closed with both parties reaffirming their shared goals and long-standing relationship, with a focus on accelerating cooperation in key sectors, fostering investor confidence, and creating opportunities for inclusive economic growth.
