Bilateral trade between the United States and Nigeria reached $13 billion in 2024, positioning Nigeria as the second-largest US trading partner in Africa. This growth reflects ongoing efforts by both countries to deepen economic cooperation through increased private-sector engagement and investment-focused diplomacy.
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The expansion is attributed to a shift in US policy toward commercial partnerships in Africa, as outlined in its updated Commercial Diplomacy Strategy for Sub-Saharan Africa. The strategy prioritizes investment facilitation, reduction of trade barriers, and support for sector-specific partnerships across agriculture, digital technology, energy, and infrastructure.
In parallel, Nigeria’s regulatory and macroeconomic reforms, such as foreign exchange unification, tax system restructuring, and efforts to improve the ease of doing business have enhanced its attractiveness as a destination for foreign direct investment. US investments into Nigeria reached approximately $6.5 billion in 2023, registering modest year-on-year growth.
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The two countries continue to leverage the Commercial and Investment Partnership (CIP) framework to streamline engagement and identify mutual growth areas. This includes the establishment of working groups designed to address policy bottlenecks and align on trade and investment objectives.
As bilateral trade continues to expand, stakeholders from both countries are expected to explore new avenues for cooperation, with a focus on enhancing supply chain resilience, supporting innovation, and driving inclusive economic growth.
