Delivering remarks under the theme, “Toward a Robust U.S.-Nigeria Commercial and Investment Partnership,” Ambassador Mills revealed that Nigeria ranked as the United States’ second-largest trade partner in Africa, with two-way trade in goods and services totaling approximately $13 billion in 2024 alone. The figure reflects a robust and evolving economic relationship that the ambassador said is ripe for further expansion.
Highlighting the economic significance of the bilateral relationship, Mills noted that U.S. foreign direct investment (FDI) into Nigeria reached $6.5 billion in 2023—an increase of 5.5% from the previous year. He emphasized that this upward trend signals both investor confidence and the potential for even deeper commercial ties.
“We are committed to expanding economic opportunity and deepening commercial engagement,” Mills said, describing the recently launched U.S. commercial diplomacy strategy for sub-Saharan Africa as a new chapter in U.S.-Africa relations. “This strategy is not just about economics; it’s about sustainable, inclusive growth that benefits both sides.”
The ambassador also pointed to Nigeria’s unique position within U.S. foreign policy objectives. Beyond trade statistics, he highlighted the strength of the Nigerian diaspora in the U.S., calling it the largest African diaspora community in America—with over 750,000 people of Nigerian descent contributing to a web of educational, cultural, and business ties.
“These deep-rooted family and economic bonds reinforce Nigeria’s importance to U.S. interests on the continent,” Mills said.
To solidify these priorities, he disclosed that the U.S. Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment had signed a five-year Commercial and Investment Partnership (CIP) memorandum of understanding. The agreement, he explained, will serve as a framework for coordinated efforts in key sectors identified by the Nigerian government—namely agriculture, digital economy, and construction.
The CIP aims to streamline collaboration, reduce barriers to investment, and facilitate private sector-driven growth in areas that are central to Nigeria’s development agenda.
Ambassador Mills concluded by reiterating his personal mandate: to increase trade, investment, and business linkages between the two countries. As global competition for markets intensifies, he stressed that the United States remains a willing and strategic partner for Nigeria’s economic aspirations.
With both countries now anchored in a shared vision for prosperity, the U.S.-Nigeria commercial relationship appears poised for a new phase—marked by increased collaboration, sector-specific investments, and a mutual commitment to inclusive growth.