By Abba-Eku Onyeka Abuja
The Federal Government of Nigeria and the United States (US) of America have signed Memorandum of Understanding (MOU) on an investment instrument titled: “US-Nigeria Commercial Investment Dialogue (CID).”
This was contained in a release from the office of the Minister, Federal Ministry of Industry Trade and Investment (FMITI) signed by Constance Ikokwu, the Strategy and Communications Adviser to the Minister. The two countries, according to the release signed the agreement at the Ministry.
The Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah signed on behalf of Nigeria while US Secretary of Commerce Mr. Wilbur Ross signed on behalf the USA. According to the release, the CID was designed to deepen commercial and investment ties between both countries, adding that It 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, the two countries is committed toward 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 In his statement, Enelamah said: “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.”
American Secretary of State, Mr Wilbur 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 reform.