Nigeria and the United States have signed a Memorandum of Understanding (MoU) on Commercial and Investment Partnership to strengthen their economic ties.
The MoU was signed on the sidelines of the 2024 AGOA Forum in Washington DC by the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and the U.S. Secretary of Commerce, Gina Raimondo.
According to a statement issued by the ministry on Sunday, July 28, 2024, the MoU aims to deepen bilateral commercial and investment ties between Nigeria and the United States through collaboration to enhance the business environment, facilitate private sector-led trade and investment projects, develop direct business relations, and implement actions for a mutually beneficial trade and investment relationship.
It added that the agreement focuses on key economic sectors including infrastructure, agriculture, sports and the digital and creative economy, as well as cross-cutting areas such as investment promotion and regulatory reforms.
“It also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government, and business-to-business engagements,” the ministry noted.
Speaking on the signing, Uzoka-Anite stated: “This MoU marks a pivotal moment in Nigeria-U.S. economic relations. By focusing on critical sectors like infrastructure, agriculture, and the creative and digital economy, we are laying the groundwork for sustainable economic growth and job creation.
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“This partnership underscores our commitment to nurturing an enabling environment for investment and trade, which is crucial for President Bola Ahmed Tinubu’s economic development agenda.
“We are particularly excited about the opportunities this presents for our fast-growing tech sector and the potential for knowledge transfer and innovation.”
On her part, Raimondo emphasised the importance of the partnership, saying: “With the largest population and largest democracy in Africa, Nigeria is an essential partner for the United States.
“At the U.S. Department of Commerce, we are committed to working hand-in-hand with our Nigerian Government colleagues to foster deeper commercial cooperation that helps promote inclusive economic growth, fosters innovation, and creates jobs in both our countries.”
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