United States Is Enhancing Bilateral Trade And Investment Ties With Nigeria—David Greene, Chargé d’Affaires

United States Is Enhancing Bilateral Trade And Investment Ties With Nigeria

OpenLife Nigeria reproduces an article by David Greene ,Chargé d’affaires U.S Embassy, on U.S Nigeria partnership

Nigeria is on track to be the world’s fourth-most populous country by 2050. It already has the largest economy in Africa and, with 60 percent of its population under the age of 25, it stands on the threshold of a demographic dividend that can dramatically transform its economy for the better.

Nigeria’s strategic partnerships are essential in harnessing this potential, and the United States is playing a leading role.

As we near the six-month mark of President Tinubu’s administration, our relationship has emerged as a key for success. One year ago, at the U.S.-Africa Leaders Summit in Washington, DC, President Biden renewed our commitment to deepening engagement across the continent.

Here is how we are doing that in Nigeria – working in areas that matter most to everyday citizens, such as growing the economy, strengthening democracy, improving health outcomes, ensuring security, and addressing the climate crisis.

Nigeria’s economic potential is vast, and with the right macroeconomic framework, a sound fiscal strategy, and a strong commitment to rooting out corruption, it can become a preferred destination for foreign direct investment.

American investors and companies are eager to engage with Nigeria, and the United States government is doing its utmost to build our bilateral trade and investment ties.

Consider these examples: We have joined forces to accelerate Nigeria’s digital transformation, with investments from U.S. tech giants such as Microsoft, Cisco, Meta, Google, and Starlink.

This partnership has built a platform to train unemployed and underemployed women and youth. Moreover, it has been a catalyst for quality investment, accounting for more than a quarter of all venture capital flowing into Africa.

Collaborative efforts in agriculture further underscore our commitment.

For example, the U.S. Department of Agriculture recently dedicated $22 million to strengthen Nigeria’s cocoa value chain, supporting more than 60,000 cocoa farmers, processors, marketers, and other agribusiness service providers in what is Nigeria’s #2 foreign exchange-earning export.

From tech to agriculture, these steps go beyond statistics. They translate into tangible outcomes: good jobs, seed money for new ventures, and higher-value agricultural exports.

The United States is also a steadfast partner in strengthening Nigeria’s health sector. With World AIDS Day – December 1 – approaching, it is worth recalling that over the past two decades, PEPFAR, the leading U.S. initiative to address HIV/AIDS, has invested nearly $8 billion in Nigeria, providing more than 1.6 million individuals with life-saving HIV treatment.

In response to COVID-19, the United States donated more than 44 million vaccine doses, helping the Nigerian government approach its target vaccination rate of 70 percent of the eligible population.

Partnerships like the U.S. President’s Malaria Initiative, with an annual budget of more than $71 million, have reduced child death rates and strengthened health systems.

Those investments are just part of our overall development assistance to Nigeria. In fiscal year 2022 alone, the U.S. government allocated over $1.2 billion dollars in such support.

These funds provide humanitarian assistance, and improve health, economic development, education, social services, democracy, human rights and governance, and peace and security.

In the latter two areas – democracy and security – we aim to support an inclusive future where Nigerian citizens’ votes count and translate into responsive governance, and where they can live in peace.

We are a steadfast partner in seeking to strengthen election processes that will enhance accountability to meet citizens’ expectations, and pursuing innovative projects to help communities resolve differences without violence.

Through cooperation with and training of Nigeria’s military and police, we are building more capable forces.

Collaborating with civil society, law enforcement, and the judiciary, we are confronting the security challenges that stand in the way of economic growth while upholding a shared commitment to human rights.

Initiatives include building Nigeria’s counter-terrorism capacity, bringing technology to courtrooms and case-management systems to help in the administration of justice and reduce pre-trial detention, and supporting efforts to enhance accountability and transparency in police forces.

Our partnership to address the climate crisis reflects our mutual recognition of this challenge, and our respect for Nigeria’s role as both an energy producer and a country profoundly impacted by the effects of climate change. In the leadup to COP28 – the 28th Conference of Parties to the UN Framework Convention for Climate Change, which begins this week – the United States and Nigeria are aggressively seeking solutions.

For example, U.S. support for Nigeria’s leadership as a Global Methane Pledge champion has led to action that is reducing greenhouse gas emissions for the benefit of all.

These programs and cooperative efforts advance a joint agenda that is built and driven by the highest levels of our leadership. President Biden met with President Tinubu in September, and numerous senior U.S. officials have come to Nigeria in recent months to confer on meeting Nigeria’s energy needs, driving U.S. trade and investment in Nigeria, and strengthening our law enforcement cooperation.

These engagements strengthen our ties, address Nigeria’s pressing needs, and tackle shared challenges.

Ultimately, realizing Nigeria’s potential hinges upon enhancing its fiscal and economic health – and capitalizing on its strategic partnerships to build on that foundation.

The opportunity has never been greater. Nigeria, with its youth, energy, and entrepreneurial spirit, is poised to seize this moment.

We commend the government for its bold actions thus far to try to move the economy to a more solid footing.

The United States is your partner in that effort – through investment, better security, a stronger workforce, and resilient institutions – that benefits all Nigerians and expands prosperity for both our peoples.

Our journey ahead has its obstacles, of course. But together we will find a path toward a shared prosperity.