By Chioma Amajor
In a strategic move to reinforce economic cooperation, the Federal Ministry of Industry, Trade and Investment on Monday hosted a high-level meeting with the outgoing U.S. Ambassador to Nigeria, Richard M. Mills Jr., and the incoming U.S. Consul General, Rick Swart.
Presided over by the Honourable Minister, Dr. Jumoke Oduwole, the meeting centered on expanding bilateral trade and investment frameworks, aligning commercial objectives, and addressing recent policy shifts—including Nigeria’s tariff adjustment on U.S. imports from 14% to 15%.
Dr. Oduwole assured that despite the upward tariff revision, Nigeria remains an attractive and stable destination for American investors. She highlighted the volume of duty-free machinery, equipment, and services entering Nigeria under existing trade arrangements, describing the economic partnership as “mutually beneficial and forward-leaning.”
Emphasizing the momentum generated by the Commercial Investment Partnership launched on June 24, Dr. Oduwole noted that ongoing business-to-business engagements are expected to culminate in a ministerial roundtable on November 20, aimed at solidifying outcomes and setting new targets.
She further reiterated Nigeria’s commitment to driving food security, digital innovation, and trade competitiveness through President Bola Ahmed Tinubu’s “Nigeria First Policy and Intervention” initiative. According to the Minister, the government’s ongoing reforms in monetary, fiscal, and trade sectors are already yielding tangible results and placing the economy on a sustainable growth path.
In his remarks, Ambassador Mills underscored the United States’ unwavering interest in deepening its trade relationship with Nigeria—Africa’s largest market—citing the strength of existing U.S. investments and the strategic importance of continued cooperation.
The incoming U.S. Consul General, Rick Swart, echoed this commitment, pledging to advance policies that promote free and fair trade. He reaffirmed Washington’s intention to strengthen commercial ties with Nigeria, describing the country as a priority partner in Africa.
The meeting concluded with a shared vision to fortify bilateral ties, enhance investment opportunities, and promote a stable and prosperous economic relationship between the two nations.
