Leading Nigeria private and public sector leaders have been working to deepen trade and investment ties between the United States and Nigeria.
Speaking at a reception in Lagos, a statement yesterday quoted US Ambassador, Mary Beth Leonard, as celebrating the contributions of the private sector to the US-Nigeria Commercial and Investment Dialogue (CID) in elevating the business climate for improved trade relations.
Leonard said, “The Nigerian and US governments use the Commercial Investment Dialogue as a framework for engagement with businesses and one another.”
She added, “And while the initial round of CID talks has come to a close, the principles of cooperation and dialogue remain strong between our two countries.”
Leonard applauded efforts of the Nigerian Investment Promotion Commission, the Foreign Commercial Service of the US Mission, and the American Business Council for their determination to make the CID a reality.
“By listening to thoughtful and practical feedback from those engaged in the private sector, our respective governments will continue to identify substantive and concrete areas where we can adjust policy for the benefit of businesses and the citizens who depend upon them,” she added.
Participants of the CID focused on five priorities areas key to improving trade and investments ties between the United States and Nigeria. They are infrastructure, agriculture, digital economy, investment, and regulatory reform. Each priority area was co-chaired by the Nigerian and U.S. business representatives who together led the policy discussions.
US and Nigeria companies at the event included Visa, MainOne, American Tower Corporation, Coca-Cola, Zenith Bank, Kimberly-Clark, Capital Alliance, U.S. Soybean Council, and General Electric.
The CID is a bilateral policy instrument focused on trade and investment between Nigeria and the United States.
The first round of the CID commenced in 2017 with the signing of a memorandum of understanding between the US. Secretary of Commerce and the Minister of Industry, Trade, and Investment at that time.
A ministerial-level meeting held in Washington, DC on February 4, 2020, where the participating company representatives presented challenges, opportunities, and recommendations to improve the business climate.
The Foreign Commercial Service of the US Mission seeks to improve the business environment in the markets where they operate and foster economic growth and prosperity through global trade.
