The President Buhari administration and the US government have signed a Memorandum of Understanding
(MOU) on an investment instrument titled ‘US-Nigeria Commercial Investment Dialogue (CID)’.
The CID is designed to deepen commercial and investment ties,and economic cooperation between both countries.
The two countries signed the MOU at the Federal Ministry of Industry, Trade and Investment in Abuja, on Tuesday.
Minister of Industry, Trade and Investment Okechukwu Enelamah signed on behalf of Nigeria while US Secretary of Commerce Wilbur Ross signed on behalf the USA
The MoU,a statement issued by Constant Ikokwu, the Media Adviser to the Minister said, allows for exchange of information between the two business communities and the governments on key commercial and investment matters of importance to improving the business climate, fostering greater economic growth, modernization and job creation.
With the agreement signed, both countries commit to strengthening their commercial and investment relationship by leveraging private sector participation; targeting the elimination of trade barriers and other obstacles to commercial and investment relationships; modernization, and integration into the global economy through value supply chains; and cooperation for mutual benefit among others.
“We’re delighted this has come to fruition, following dialogue that commenced with the previous administration of President Barack Obama to the current government of President Donald Trump. This continues to demonstrate our commitment as a government to leverage partnerships for economic growth and development,” Enelamah said.
In his response, Ross stated: “The CID, the newest instrument of U.S. engagement with Nigeria, is different in that it leverages the voice of the private sector in the effort to enhance the bilateral commercial and investment relationship. I am encouraged that the CID will be an effective tool to partnering with the private sector to deepen our bilateral trade and investment relationship.”
The CID will be co-chaired at the Ministerial level by the Minister of Industry, Trade, and Investment and the U.S. Secretary of Commerce (or their designees)
Initial focus areas are infrastructure, agriculture, digital economy, investment and regulatory reforms.