The U.S. Mission in Nigeria is shifting its focus to an investment-led strategy emphasising commercial and trade ties.
This was the main focus of the remarks made by the US Ambassador to Nigeria, Richard M. Mills, Jr. at the Fireside Chat organised by the Lagos Business School, which had as its theme ‘Toward a Robust U.S.-Nigeria Commercial and Investment Partnership.’
Ambassador Mills said that now is the time for the US to build on the strength of past investments and for Nigeria, one of Africa’s largest economies with huge growth potential, to enter a new phase of vibrant private sector-led growth.
“Our approach is clear. We are making a shift: from aid to trade. We are engaging African nations not as aid recipients, but as capable commercial partners. By promoting two-way trade and investment, we will drive mutual growth for both our nations,” Ambassador Mills stated.
On the 14th of MAY, 2025, at the Africa CEO Forum in Abidjan, COTE D’IVOIRE, the chief of the Bureau of African Affairs at the State Department, Ambassador Troy Fitrell, launched the State Department’s new Commercial Diplomacy Strategy for Sub-Saharan Africa.
This strategy marks a new chapter in the U.S.-Africa relations, a strategy rooted in a goal of expanded economic opportunity, deepened commercial engagement, and long-term mutual prosperity.
Expanded Trade
During the launch in Abidjan, the US chief for African Affairs said, “going forward, we will continue to invest in development – but we will do so through expanded trade and private investment, because it is the private sector – not assistance – that drives economic growth.”
Ambassador Mills said that the U.S. government aims to reform its development agencies to encourage U.S. companies to invest in Nigeria.
The U.S. also seeks to foster accountability in Nigerian governance and maintain a level playing field for all economic partners, including Chinese firms.
However, this is not without challenges which he identified to include regulatory opacity, electricity supply issues, and corruption.
He stated that the focus was to Identify top market reforms needed to improve the business environment in Nigeria based on feedback from the U.S. and Nigerian business communities.
The Ambassador said the US would explore ways to channel the $20 billion annual remittances from the Nigerian diaspora in the U.S. to support trade and investment, work with the Nigerian government to address trade barriers and negotiate a deal to remove the 10% tariff imposed on Nigerian exports to the U.S.
Other action points outlined by the Ambassador are identifying ways the U.S. mission can continue to support accountability and transparency in Nigerian policymaking, including through private dialogues and public platforms, and explore how the U.S.-Nigeria commercial partnerships can contribute to solving Nigeria’s power infrastructure crisis, building on initiatives like Power Africa.
The U.S. Ambassador to Nigeria said: “To achieve this goal, last year, the U.S Department of Commerce, together with Nigeria’s Ministry of Industry, Trade and Investment, signed a Commercial and Investment Partnership agreement,CIP a five-year memorandum of understanding that prioritizes three key pillars: agriculture, the digital economy, and infrastructure.”
The CIP process puts government and business into the same room to remove obstacles to trade.
He said: “ I firmly believe that working together to advance our shared economic interests will create jobs, boost innovation, and unlock new opportunities on both sides of the Atlantic.”
He then urged Nigerian policymakers to create the conditions to stimulate investment and recognize the long-term value and excellence of U.S. products and services.
The Dean of the Lagos Business School, Professor Olayinka David-West, emphasised the need for Nigeria and the US to explore means to turn trials and challenges into triumphs by combining strengths for sustainable growth.
Hauwa Abu