TRALAC - Trade Law Centre

Nigeria, US sign MoU on market promotion

Monday, 19 April 2010

Source: The Guardian

The Federal Government and the United States International Trade Commission (USITC), on Friday, signed a Memorandum of Understanding (MOU) to promote trade under the Africa Growth and Opportunity Act (AGOA).

The Minister of Commerce and Industry, Senator Jubril Martins-Kuye, signed the MOU on behalf of the (Nigerian) Federal Government, while the President of ITC, Mr. Wea Lee, signed on behalf of the Commission.

The agreement came at the end of a two-day U.S.-Nigeria Business forum.

The News Agency of Nigeria reports that the MoU would enhance cooperation in the promotion of exportable products from Nigeria and attract Foreign Direct Investments (FDIs) to Nigeria from the U.S.

Speaking at the forum, Lee said with the agreement, the centre would open a Nigerian desk where U.S. investors would make inquiries on investment opportunities.

He also said the centre would work with the government to promote Nigerian culture, as well as the economy and tourism.

"This is a very unique opportunity to work together from Houston and we are going to be working on this project.

"We hope by next year when you come back, you will be satisfied with what we are doing for you,'' Lee said.

Earlier, Martins-Kuye had said the U.S. mission was successful, using the MOU and the vibrancy of the interactions as reference points.

"Technocrats brought from Nigeria have done their presentations with facts and figures without exaggeration.

"The government will do everything to ensure that this investment forum continues and the process becomes more successful," he said.

The Executive Director of ITC, Mr Val Thompson, said American investors needed to visit Nigeria more to dispel negative impressions about the country.

"I will suggest that Americans travel to Nigeria so they can see a different Nigeria from their own perspective rather than using that of the media.

" I think we need such travels. We need to come over to Africa and Nigeria in particular," he said.

The U.S.-Nigeria Business forum was held in Houston between April 15 and 16.

A similar one was also held in Atlanta, Georgia, between April 12 and 13, while the last lap of the forum would hold in Chicago, Illinois, between April 19 and 20.



“ Latest AGOA Trade Data currently available on AGOA.info


Click here to view a sector profile of Nigeria's bilateral trade with the United States, disaggregated by total exports and imports, AGOA exports and GSP exports.


Other regularly updated trade statistics on AGOA.info include: (click each link to view)

  • AGOA-Beneficiary Countries’ AGOA and GSP Trade Aggregates

  • AGOA Trade by Industry Sector

  • Apparel Trade under AGOA’s Wearing Apparel Provisions

  • Latest Apparel Quotas under AGOA

  • Bilateral Trade Data for all AGOA-eligible countries individually.