The Federal Government of Nigeria has reaffirmed its commitment to deepening bilateral relations with the United States. The pledge was made during a high-level meeting between officials of the Nigerian Ministry of Finance and the United States Consulate in Abuja.
Representing the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, was the Permanent Secretary, Mrs. Lydia Shehu Jafiya, who met with the United States Consul General to Nigeria, Mr. Rick Swart.
The strategic dialogue focused on deepening cooperation in key economic sectors, including trade, investment, industrial development, and fiscal reforms. The meeting also served as a platform for both nations to align on mutual goals of economic stability, business environment enhancement, and job creation.
According to a statement released by the Ministry of Finance, Mr. Edun emphasized Nigeria’s readiness to explore “new frontiers” of investment opportunities with the United States. This push aligns with President Bola Ahmed Tinubu’s “Renewed Hope” economic agenda, which prioritizes private sector participation, fiscal discipline, and broad-based economic growth.
“The Nigerian government is fully dedicated to creating an enabling environment for foreign direct investment,” Edun noted. “We value our longstanding partnership with the United States and are confident that deepening these ties will catalyze innovation, drive capital inflows, and support inclusive development.”
He further stated that Nigeria is focused on removing bureaucratic bottlenecks and establishing a regulatory framework that encourages ease of doing business—especially for foreign investors and multinationals operating within the country.
Speaking during the session, US Consul General Rick Swart applauded Nigeria’s recent reform measures aimed at revamping the economy. He cited ongoing efforts in foreign exchange unification, subsidy reform, and tax policy harmonization as key indicators of progress.
“The United States recognizes Nigeria’s efforts to build a resilient economic framework,” Swart said. “We remain fully committed to supporting Nigeria in achieving its economic development goals through enhanced collaboration in trade, capacity building, and investment.”
Swart also noted that U.S. companies are eager to expand operations in Nigeria but emphasized the importance of transparent, predictable, and investor-friendly policies.
The discussions further highlighted strategic sectors where U.S.-Nigeria economic cooperation could be deepened, including:
Technology and Innovation: Nigeria is Africa’s largest digital economy, and the U.S. has pledged to support local startups and digital infrastructure expansion.
Manufacturing and Industrialisation: New trade frameworks are being considered to stimulate U.S. investment in Nigeria’s light manufacturing and agro-processing sectors.
Energy Transition: Nigeria’s gas-led energy transition presents opportunities for U.S. firms specializing in renewable energy, clean tech, and infrastructure.
Education and Skills Development: The partnership will expand scholarships and vocational training programs to equip Nigerian youth for the future of work.
In recent years, economic trade between the United States and Nigeria has remained robust, with Nigeria ranking as one of the U.S.’s largest trading partners in Sub-Saharan Africa. The bilateral trade volume crossed $10 billion in 2024, largely dominated by petroleum products, machinery, agricultural goods, and consumer services.
Analysts say the renewed engagement between the two nations signals growing investor confidence in Nigeria’s economic recovery trajectory. With a population of over 220 million and one of the fastest-growing youth demographics globally, Nigeria presents both scale and opportunity for long-term investors.
According to the Nigerian Investment Promotion Commission (NIPC), foreign direct investment inflows totaled $5.2 billion in the first half of 2025—a 13% increase compared to the same period last year. U.S. companies account for nearly 25% of these investments, especially in sectors such as fintech, telecoms, and oil and gas services.
The Tinubu administration is targeting a 7% GDP growth rate by 2030 and has identified foreign partnerships as a critical component of that ambition.
As both countries reaffirm their commitment to shared prosperity, stakeholders are optimistic that Nigeria’s evolving economic landscape, supported by international allies, will create sustainable outcomes for businesses and citizens alike.
Further meetings are expected in coming months as the Nigerian government continues its international roadshow to court new investments from major global economies.