U.S. and Nigeria Hold Eighth TIFA Council Meeting
The United States and Nigeria on March 12 held the eighth meeting of their bilateral Trade and Investment Framework Agreement Council. A USTR press release states that the meeting focused on several common objectives, including improving market access, utilization of the African Growth and Opportunity Act, IPR protection, implementation of the new WTO Trade Facilitation Agreement, and improving the bilateral investment climate. USTR adds that the TIFA Council plays a critical role in advancing the common trade and investment interests of the U.S. and Nigeria and strengthening overall bilateral relations. Among other things, it helps to promote sound trade policies, attract investment to Nigeria, and advance sustainable and inclusive development. The previous TIFA Council meeting was held in Abuja, Nigeria, in December 2012.
Total U.S.-Nigeria trade stood at $18.2 billion in 2013. U.S. imports from Nigeria were valued at $11.7 billion that year, $11.6 billion of which was crude oil. Non-oil Nigerian exports to the United States under AGOA include leather, prepared vegetables, beans, cocoa paste, spices and cassava. U.S. exports to Nigeria totaled $6.5 billion in 2013 and included mineral fuels, vehicles, wheat, machinery and plastics. The stock of U.S. foreign direct investment in Nigeria was $8.1 billion in 2012, up 53.6% from 2011.