Nigeria rises to second-largest U.S. trade partner in Africa with $13bn exchange
The United States is intensifying efforts to deepen commercial ties with Nigeria, with Ambassador Richard Mills revealing that bilateral trade between the two nations reached approximately $13 billion in 2024, making Nigeria the second-largest U.S. trade partner in Africa.
Speaking at the Lagos Business School during a policy dialogue titled “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership,” Ambassador Mills highlighted the renewed focus of the U.S. administration under President Donald Trump on Africa, with a strategic pivot toward enhancing economic collaboration.
Mills announced the launch of a new commercial diplomacy strategy by the U.S. State Department for sub-Saharan Africa, aimed at boosting economic opportunity, fostering long-term mutual prosperity, and expanding private sector engagement across the continent.
“Under this strategy, Nigeria plays a critical role,” Mills said. “With two-way trade totaling about $13 billion last year and growing U.S. investments, we are committed to building a stronger commercial future together.”
According to the Ambassador, U.S. foreign direct investment in Nigeria stood at $6.5 billion in 2023—an increase of 5.5% from 2022—signaling growing investor confidence. He emphasized the significant contributions of the Nigerian diaspora in the United States, which, at over 750,000 people, forms the largest African diaspora group in the country.
“These deep-rooted family, cultural, educational, and business ties make Nigeria a vital partner for the United States in Africa,” Mills noted.
To further solidify economic cooperation, the U.S. Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment recently signed a Commercial and Investment Partnership (CIP) agreement. The five-year memorandum of understanding centers on advancing three of Nigeria’s key economic pillars: agriculture, the digital economy, and construction.
Ambassador Mills reiterated that enhancing trade and investment is one of his core mandates and affirmed the U.S. government’s dedication to helping unlock Nigeria’s economic potential through sustained partnership.
