US Eyes Strong Trade, Investment With Nigeria

United States (US) Deputy Assistant Secretary of State (DAS), Joy Basu, has called for improvement in the business enabling environment in Nigeria to strengthen the trade and investment ties between the two countries.

Basu who oversees Economic and Regional Affairs in the Department of State’s Bureau of African Affairs, stated this during her visit to Abuja and Lagos – Nigeria late last week.

She affirmed the positive economic reforms made by the President Bola Tinubu Administration and advocated for US businesses seeking to invest in Nigeria, and highlighted opportunities to deepen US-Nigeria two-way trade.

A statement by the Press Office, US Consulate General, Nigeria said at Basu’s inaugural visit to Nigeria, she met with Minister of Health, Muhammad Ali Pate and convened government and private sector leaders in Abuja.

She emphasisd that the US government is keen to facilitate investment into Nigeria, saying additional reforms are needed to continue to create a transparent, trustworthy, and conducive investment climate.

In Lagos, the DAS brought together women from small and medium sized enterprises (SMEs), banks and venture capital firms to accelerate efforts to bridge the financing gap for women-led SMEs.

She convened intellectual property lawyers, creative industry experts, and Nigerian content creators to brainstorm structural changes that would better protect and monetize creative content.

Basu closed her trip by connecting US tech startups to state government officials to explore opportunities to create a more connected and inclusive innovation ecosystem in Nigeria.

“We are building upon the rich connections that exist between our countries – our companies, our entrepreneurs, and our people – to co-create solutions to our common challenges,” DAS Basu said.

“We look forward to working together to discover and deliver better ways forward, not only for the people of Nigeria and America, but also for communities around the world,” she added.

DAS Basu’s visit to Nigeria builds upon months of sustained and operationally-focused high-level engagement surrounding the meeting of President Biden and President Tinubu at the G20 Summit in September.

At that meeting, President Biden welcomed the Tinubu Administration’s steps to reform Nigeria’s economy and thanked President Tinubu for his strong leadership as the chair of the Economic Community of West African States to defend and preserve constitutional order and the rule of law in Niger and the broader region.

In recent months, the United States has underscored its enduring commitment to strengthening the US-Nigeria relationship and expanding the prosperity of the peoples through several engagements.

DAS Basu’s visit continues to demonstrate the commitment the Biden-Harris Administration made at the 2022 US-Africa Leaders’ Summit to deepen trade and investment ties with Africa in support of inclusive economic growth and shared prosperity.