Nigeria, US trade relations hit $8.2bn in 2022-Ambassador

Trade relations between Nigeria and the United States have seen a marginal increase to $8.2 billion in 2022 against $7.3 billion in 2021, US Ambassador to Nigeria, Mary Beth Leonard has said.

She said that in November 2022, United States exported $226million and imported $388million from Nigeria, resulting in a negative trade balance of $162million. Between November 2021 and November 2022 the exports of United States have decreased by $-71.7miilion (-24.1%) from $297 million to $226 million, while imports increased by $90.1 million (30.2%) from $298 million to $388 million.

The decrease in United States’ year-by-year exports to Nigeria was explained primarily by a decrease in product exports in Motor vehicles; parts and accessories ($-4.55 million or -36.2%), Vinyl Chloride Polymers ($-4.3 million or -61.6%), and Excavation Machinery ($-1.65 million or -75.3%).

But, the increase in US year-by-year imports from Nigeria was explained primarily by an increase in product imports in Crude Petroleum ($77 million or 69.1%), Spices ($51.3k or 186%), and Brochures ($31.2k or 59.6%).

According to her “The top exports of United States to Nigeria were Refined Petroleum ($81.5M), Cars ($38.3 million), Petroleum Gas ($16.5 million), Wheat ($12.2 million), and Motor vehicles; parts and accessories ($9.95M) while the top imports of United States from Nigeria were Crude Petroleum ($350 million), Petroleum Gas ($27.9 million), Raw Lead ($2.35 million), Cocoa Paste ($1.14 million), and Commodities not elsewhere specified ($1.14 million).

She said that Nigeria also increased its exports under the Africa Growth and Opportunity Act (AGOA), U.S. a trade preference programme for African countries, from $477 million in 2020 to $1.4 billion in 2021”.

She, however, said that the US is committed to strengthening our trade relationship with Nigeria to create jobs and provide high prices in both countries. er-quality goods at competitive Leonard said that the US supported the Nigerian government with over twenty-five million dollars through different programmes towards achieving free, fair, and credible elections and added that the US does not have a preferred candidate in the elections.