The United States Consulate in Nigeria has explained the visits of 4 top U.S. officials to Nigeria in October alone, even as 2 others visited in August and September.
According to a statement released by the Consulate on Sunday, the visits were to strengthen the U.S.-Nigeria trade and investment ties.
Specifically, the Consulate said the visit of Deputy Assistant Secretary of State (DAS) Joy Basu to Abuja and Lagos between October 18 and 20 was to affirm positive economic reforms made by the Tinubu Administration, advocate for U.S. businesses seeking to invest in Nigeria and highlight opportunities to deepen U.S.-Nigeria two-way trade.
It added that the visit of Basu, who oversees Economic and Regional Affairs in the Department of State’s Bureau of African Affairs, builds upon months of sustained and operationally focused high-level engagement surrounding the meeting of President Biden and President Tinubu at the G20 Summit in September.
In Lagos, Basu brought together women from small and medium-sized enterprises (SMEs), banks, and venture capital firms to accelerate efforts to bridge the financing gap for women-led SMEs.
Previous official visits in October
Highlighting other visits by top officials this October, the Consulate said:
- “On October 2-4, Senior Coordinator for Atlantic Cooperation Ambassador Jessye Lapenn visited Nigeria, her first global stop after the launch, to find opportunities in the marine and blue economy spaces.
- “U.S. African Development Foundation (USADF) CEO Travis Adkins visited Nigeria October 15-20 to deepen trade and investment ties that can increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. The USADF is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs.
- “The U.S. Trade and Development Agency (USTDA) Sub-Saharan Africa Regional Director Heather Lanigan visited Nigeria October 16-19 to underscore the U.S. commitment to project-preparation activities that can build Nigeria’s digital, health, transport, and clean-energy infrastructure.”
Aside from the top U.S. government officials, the Consulate said 12 executives from leading U.S. pension fund and financial service providers managing over $1 trillion in assets had also travelled to Nigeria between October 9 and 13 as part of a USAID-sponsored investor roadshow in partnership with the U.S. government’s Prosper Africa and Power Africa initiatives.
The executives met with Nigerian companies and fund managers to explore investment opportunities in the country, particularly infrastructure, and to build relationships among U.S. and African investors and fund managers.
Wally Adeyemo was around in September
Earlier in September, Deputy Secretary of Treasury Wally Adeyemo, the highest-ranking Nigerian-American official in the Biden-Harris Administration, visited Nigeria between the 17th and 19th of the month to expand business and investment ties with a focus on entrepreneurship, youth development, and women’s empowerment. Adeyemo met with business leaders and the tech startup community in Lagos with a promise to ensure that barriers to investments between the two countries are removed.
The Consulate added that Global AIDS Coordinator Ambassador Dr. John Nkengasong, U.S. President’s Malaria Initiative Coordinator Dr. David Walton, and Global Fund Executive Director Peter Sands completed a joint visit to Nigeria September 11-13 in a historic show of solidarity as the leaders of the largest donors to Nigeria’s HIV, tuberculosis, and malaria response efforts.
What you should know
According to the Office of the United States Trade Representative, the U.S.-Nigeria trade relation is reflected in the following facts:
- The United States is the largest foreign investor in Nigeria, with U.S. foreign direct investment concentrated largely in the petroleum/mining and wholesale trade sectors.
- In 2022, the two-way trade in goods between the United States and Nigeria totalled over $8.1 billion. At $3.4 billion in 2022, Nigeria is the second largest U.S. export destination in Sub-Saharan Africa.
- U.S. exports to Nigeria include vehicles, wheat, machinery, fuels, and plastics. Nigerian exports to the United States include crude oil, cocoa, cashew nuts, and animal feed.
- Multiple U.S.-based film and entertainment companies are active in Nigeria, and Nigeria’s creative industries have significant export potential.
- Nigeria is eligible for preferential trade benefits under the African Growth and Opportunity Act (AGOA).
