Nigeria has stepped up efforts to attract fresh US investment as senior officials from both countries converged in Lagos for commercial talks.
This was as bilateral trade in goods and services between the two countries nearing $13 billion in 2024.
The meeting, held last week Thursday, was jointly led by Bradley McKinney, US Deputy Assistant Secretary for the US Commercial Service at the Department of Commerce, and Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment.
According to a statement by the US Embassy, the CIP, a five-year framework aimed at strengthening commercial ties, expanding two-way trade and investment, and driving private sector led economic growth between both countries.
The working groups, made up of US and Nigerian private sector leaders, developed the recommendations to address structural challenges, improve the business climate and remove longstanding barriers to trade and investment.
Speaking at the meeting, McKinney said the ministerial underscored the steady progress being made under the partnership over the past six months.
“This ministerial meeting underscores significant advancements in the vital U.S.-Nigeria commercial and investment partnership.
“Over the past six months, the Agriculture, Digital Economy, and Infrastructure Working Groups have engaged across government and industry and developed thoughtful, practical proposals to unlock trade and deepen the bilateral commercial relationship between the United States and Nigeria”, he said.
Oduwole welcomed the US delegation from Washington and described it as a reflection of the strong and enduring economic relationship between both countries.
She encouraged American businesses to take advantage of investment opportunities in the CIP’s priority sectors and leverage Nigeria as a gateway to the wider African market.
She said a major focus of the Nigerian Government was to accelerate non-oil export diversification and improve access for Nigerian businesses to the U.S. market.
“A central priority for us is to accelerate non-oil export diversification and to ensure that more Nigerian businesses can access U.S. markets in a way that is competitive, sustainable and inclusive,” the minister said.
Oduwole added that since the launch of the CIP Working Groups in June 2025, the Ministry of Industry, Trade and Investment had sustained momentum on business climate reforms, strengthened competitiveness and advanced alignment in investment, industrial and trade policies.
“These efforts are laying the foundations for a more predictable and investible economy, and creating stronger conditions for this partnership to deliver tangible outcomes,” she noted.
Both countries agreed to continue consultations under the CIP on a broad range of trade and investment issues, explore new opportunities to expand trade in goods and services, and encourage increased investment flows to support prosperity, economic growth and job creation in both economies.
Nigeria, officials noted, stands to benefit from increased trade and investment with US companies, which are widely recognised for world-class quality, efficiency and innovation, while also creating mutual growth through stronger commercial linkages.
Nigeria currently ranks as the United States’ second-largest trading partner in Africa.
Two-way trade in goods and services between both countries totaled nearly $13 billion in 2024.
The United States said it also remains one of Nigeria’s leading sources of foreign investment, with U.S. foreign direct investment reaching $7.9 billion in 2024, representing a 25.2 per cent increase from 2023.
