The United States and Nigerian trade volume has been valued at $38.5 billion for 2011, with nearly 12 percent increase from 2010, largely due to higher oil export volumes and prices.
This was made known during a meeting between the Assistant U.S. Trade Representative for Africa Florizelle B. Liser and the Nigerian Minister of Trade and Investment, Olusegun Aganga to discuss progress made during the seventh meeting of the U.S.-Nigeria Trade and Investment Framework Agreement (TIFA) Council.
U.S imports from Nigeria were valued at $33.7 billion in 2011, almost all crude oil while its non-oil imports from Nigeria consisted primarily of agricultural products, such as cocoa, tobacco, rubber, feeds and grains, and nuts.
U.S exports to Nigeria were valued at $4.8 billion in 2011, an 18.4 increase from 2010, making Nigeria the world's largest importer of U.S. wheat, with purchases valued at $1.2 billion in 2011. Other major U.S. exports include transportation vehicles, processed petroleum products, such as gasoline and kerosene.
Liser said both countries worked cooperatively over the years to make significant strides towards improving the environment for business and trade.
"The U.S.-Nigeria Trade and Investment Framework Agreement is part of a comprehensive U.S. effort to support the Nigerian government's efforts to advance trade and economic development. We are using the U.S.-Nigeria TIFA Council to develop specific initiatives to expand economic opportunities for workers, farmers, businesses, and consumers in both of our countries," Liser said
Both Liser and Aganga discussed several common objectives, including market access, cooperation in the World Trade Organization (WTO), issues affecting the commercial environment, implementation of the African Growth and Opportunity Act (AGOA), intellectual property rights, and improving the bilateral investment climate between the United States and Nigeria.
The United States-Nigeria Trade and Investment Framework Agreement was signed in 2000 to provide a mechanism for regular, high-level dialogue on enhancing U.S.-Nigeria economic ties and improving coordination on multilateral and bilateral trade and investment issues.