United States and Nigeria Hold 8th Trade and Investment Framework Agreement Meeting
The United States today hosted the eighth meeting of the U.S.-Nigeria Trade and Investment Framework Agreement (TIFA) Council. Discussions focused on several common objectives, including improving market access, utilization of the African Growth and Opportunity Act (AGOA), protection of intellectual property rights, implementation of the new WTO Trade Facilitation Agreement, and improving the bilateral investment climate. Discussions were led for the United States by U.S. Trade Representative Michael B. G. Froman and for Nigeria by Nigerian Minister of Industry, Trade and Investment, Dr. Olusegun O. Aganga.
Nigeria and the United States have a long history of productive and mutually beneficial trade and investment ties. As the largest market in West Africa and one of the largest economies in Africa, Nigeria plays a central role in the regional economy.
Total U.S.-Nigeria trade (exports plus imports) was valued at $18.2 billion in 2013. U.S. imports from Nigeria were valued at $11.7 billion, $11.6 billion of which was crude oil. Non-oil Nigerian exports to the United States under AGOA include leather, prepared vegetables, beans, cocoa paste, spices, and cassava. U.S. exports to Nigeria were valued at $6.5 billion in 2013. Major U.S. exports to Nigeria include mineral fuels, vehicles, wheat, machinery, and plastics. The stock of U.S. foreign direct investment (FDI) in Nigeria was $8.1 billion in 2012 (latest data available), up 53.6% from 2011.
The TIFA Council plays a key role in advancing the common trade and investment interests of the United States and Nigeria and in strengthening the overall U.S.-Nigeria relationship. It is a critical part of comprehensive U.S. engagement with the Nigerian Government to promote sound trade policies, attract investment to Nigeria, and advance sustainable and inclusive development. The TIFA Council is working to enhance U.S.-Nigeria cooperation in order to expand opportunities for workers, farmers, businesses, and consumers in both countries.
The United States and Nigeria signed the TIFA in 2000. The TIFA Council serves as a mechanism for regular, high-level dialogue on enhancing U.S.-Nigeria trade and investment ties and improving coordination between the United States and Nigeria on multilateral and bilateral trade and investment issues. The previous TIFA Council meeting was held in Abuja, Nigeria in December 2012.