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Sunday, December 05, 2021

Stakeholders strengthen U.S, Nigeria commercial ties - ITREALMS

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Leading Nigeria private and public sector leaders work to deepen trade and investment ties between the United States and Nigeria.
Speaking at a reception in Lagos, U.S. Ambassador Mary Beth Leonard celebrated the contributions of the private sector to the U.S.-Nigeria Commercial and Investment Dialogue (CID) in elevating the business climate for improved trade relations.
“The Nigerian and U.S. Governments use the Commercial Investment Dialogue as a framework for engagement with businesses and one another,” the Ambassador said. “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.”

Ambassador Leonard applauded the efforts of the Nigerian Investment Promotion Commission, the Foreign Commercial Service of the U.S. Mission and the American Business Council for their concerted efforts in making 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: infrastructure, agriculture, digital economy, investment, and regulatory reform. Each priority area was co-chaired by Nigerian and U.S. business representatives who together led the policy discussions.

U.S. 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 a signing of a memorandum of understanding between the U.S. Secretary of Commerce and the Minister of Industry, Trade, and Investment at that time.

A ministerial-level meeting has 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 U.S. Mission seeks to improve the business environment in the markets where they operate and fostering economic growth and prosperity through global trade.

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