AGS NEWS – The United States Consul-General in Lagos, Will Stevens, revealed that the U.S. and Nigeria have an annual trade relationship worth $10 billion, split almost evenly between the two nations.

Speaking at an African Growth and Opportunity Act (AGOA) workshop in Lagos, Stevens emphasized the importance of diversifying Nigeria’s exports beyond oil, which dominates trade under AGOA.

Stevens noted that AGOA provides Nigerian businesses duty-free access to the U.S. market, which represents 27% of the global economy, offering immense opportunities for Nigerian exporters.

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The U.S. remains committed to expanding trade and investment through initiatives like Prosper Africa, aiming to support Nigeria’s economic growth and foster sustainable trade relations.

Deputy U.S. Trade Representative Osvaldo Gomez-Martinez added that Nigeria’s potential to increase exports lies in sectors like manufacturing and agriculture, which can help diversify its economy.

Gomez-Martinez stressed the importance of meeting U.S. regulations and standards to fully utilize AGOA’s benefits.