Nigeria, US trade volume hits $36bn

By Ikechukwu Okaforadi

The volume of bilateral trade between Nigeria and the United States of America has scaled up to $36 billion per annum, even as last World Economic Forum on Africa held in Nigeria reportedly attracted over $68 billion Foreign Direct Investment to Africa.

President Goodluck Jonathan, who disclosed this in United States of America, while speaking during a dinner in his honour by the United States Chambers of Commerce and the Corporate Council on Africa, also called for more direct investment in Nigeria by USA.

In a statement issued by his Special Adviser on Media and Publicity, Reuben Abati, President Jonathan also expressed optimism that the bilateral trade between the two countries will continue to grow with greater cooperation between Nigeria and its allies in the United States Government and private sector.

President Jonathan also said his administration welcomed the support of the Obama Administration and both organisations for ongoing efforts to positively transform the Nigerian economy and ensure that it becomes one of the twenty largest economies in the world by the year 2020.

He also declared that recent developments had shown that President Barack Obama was right when he spoke in September last year, of increasing international recognition of Nigeria’s role in the global economy.

According to him, “Our economy has since been re-based and it is now the largest in Africa. We are the 26th largest economy in the world and the largest trading partner of the United States in Africa. Latest figures show the volume of trade between Nigeria and the U.S. to be $36 billion and still counting.

“Between last year and now, we hosted the World Economic Forum on Africa which was attended by 1,000 participants from 70 countries. The Forum attracted over $68 billion in investment to the African continent in the form of Foreign Direct Investments (FDI)”, he said.

President Jonathan further said the investment to Africa through the World Economic Forum also included private and public investments targeted at projects that would foster the agricultural sector, improve infrastructure such as roads, railways, hospitals, education, skill development and ICT across African countries.