The latest Nigeria-America trade statistics have revealed that the United States of America recorded a trade deficit of $3bn with Nigeria in 2018.
According to the report, Nigeria was America’s 49th largest goods-trading partner with $8.3bn in a-two way goods trade.
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Goods imported from the US in the year under review totalled $2.7bn while goods exported to the US stood at $5.6bn.
The statistics were revealed in Lagos on Tuesday during a three-day USA fair which featured a gathering of exhibitors and business-to-business conference.
While speaking on the topic “The Role and Impact of US Business on the Nigerian Economy,” the President of the American Business Council, Nigeria, Dr Lazarus Angbazo, remarked that the trade data for capital goods and services indicated that the Nigerian market supports about 35,000 jobs in the US.
According to Angbazo who is also the Chief Executive Officer, General Electric Nigeria, the commercial and investment footprint of American businesses in Nigeria is deep, broad-based and hugely consequential.
He said: “American businesses operate in virtually every sector of the Nigerian economy. The notable brands include P&G, UPS, Citibank, Google, IBM, ExxonMobil, Chevron, Microsoft, KPMG, PWC as well as small companies like Rendevour, among others.
“Today, Nigeria is the largest US trade partner within the sub-Saharan Africa and accounted for as high as 44.8 per cent of total US trade of $79.7bn in 2007.
“In 2017, Nigeria accounted for 24 per cent of the total US trade of $39bn with Africa.”
Speaking of the fair which attracted more than 2,500 exhibitors on opening day, the Commercial Counsellor of the US Mission to Nigeria, Mr Brent Omdahl, said the 2019 edition of the fair was the mission’s inaugural event.
“We are looking to bring many new American companies to the market. A lot of American companies are exploring Nigeria, they don’t understand it.
“About a year ago, we started the US-Nigeria commercial and investment dialogue with the sole purpose of deepening the engagement between Nigeria and American companies. So we thought what a better way to do that than create a platform through which we can introduce these companies to the market place.”
Trade in services between US and Nigeria (exports and imports) totalled $2.9bn in 2017. The same year, services export to the US was $443m while services imports from the US totalled $2.5bn. The US recorded $2bn trade surplus in services with Nigeria that year.