The United States and Nigeria: A Mutually Beneficial Relationship

Titus Olowokere, President of the US-Africa Trade Council, has played a pivotal role in fostering trade, investment, and tourism between the United States and Nigeria. Over the past nine years, the organisation has prioritised creating avenues for local small and medium-scale producers to market their goods in the US and other advanced economies. In this interview, Olowokere delves into the organisation’s accomplishments, the obstacles encountered by local manufacturers, and his vision for Nigeria’s future economic potential.

The US-Africa Trade Council is committed to bridging the divide between the US and African nations, particularly Nigeria, given its substantial economic promise. Olowokere underscores the necessity for capitalising on opportunities in Africa independently of government-led initiatives. The organisation has effectively aided Nigerian exporter groups in establishing marketing operations in the US, and has even assisted in securing financing for projects within the country. Furthermore, the US-Africa Trade Council has provided invaluable educational resources to local exporters.

Olowokere recognises the imperative of heightened awareness and adherence to trade regulations to ensure the triumph of Nigerian exports in the US market. He accentuates the importance of meeting quality standards in order to avoid rejections and ensure continual progression in trade relations between the two countries.

A significant shift in the US-Nigeria trade balance has been the expansion of the non-oil sector. Olowokere attributes this change to the government’s endeavours to incentivise and promote non-oil exports, resulting in heightened export of commodities such as hibiscus flowers, shea butter, and cassava.

The US-Africa Trade Council is actively engaged in advocacy initiatives to educate US corporations about the economic potential in Nigeria. The organisation is collaborating with the Tinubu government to facilitate trade missions, engage in mining investment roundtables, and confront trade barriers.

Despite the challenging macroeconomic landscape in Nigeria, Olowokere urges American companies to consider investment in sectors such as real estate, hospitality, and the food industry. He underscores the strength of the US dollar and the opportunity to obtain a green card through investment in the US market.

Looking ahead, Olowokere is optimistic about the potential of President Tinubu’s 2024 budget to enhance relations between the US and Nigeria. However, he underscores the importance of effective budget implementation and targeted allocation of funds to drive substantive growth in pivotal sectors such as health, education, and infrastructure.

To conclude, the US-Nigeria relationship offers a mutually advantageous opportunity for trade and investment. The endeavors of organisations like the US-Africa Trade Council and the proactive measures being taken by the Tinubu administration augur well for the economic trajectory of Nigeria.