In 2020, Nigerian agricultural exports to the US were worth $63 million, according to the Federal Government.
The Nigerian-American Chamber of Commerce’s annual end-of-year dinner was held on Tuesday in Lagos, and the Minister of Industry, Trade, and Investment, Adeniyi Adebayo, made this statement.
From that total, he claimed that the African Growth and Opportunity Act had only benefited $11 million worth of commodities.
According to the minister, a lot of Nigerian exporters ship goods to the US but are unable to participate in AGOA.
Adebayo stated that the government planned to expand AGOA trade by up to $500 million.
“The ministry has developed an AGOA response strategy and we intend to work with the community to increase trade under AGOA by $500m.”
The minister further stated that AGOA was not being used by the nation to its full potential.
According to Adebayo, the nation now ranks among the top exporters of pebbles and aromatic herbs to the US.
“Since the pandemic, alternative medicine use has increased and this is an area in which we are working so hard to make full use of it. We have more herbs but we are still not utilising the AGOA as much as we should.”
He claimed that African nations had asked for AGOA to be extended past 2025.
In his words, “We want the private sector to support the extension. Many US businesses are feeling the effect of the reduced imports from China and Europe due to the Russian-Ukraine conflict. Nigeria has the opportunity to feel a lot of these demands,”
Adebola Williams, the National President of the NACC, had earlier stated that the event’s significance lay in its ability to cap off an effective year, despite the fact that business conditions were challenging.
“It is a tradition for us to have an annual dinner in December, especially when we feel we had a good year. Definitely, this year has been a very rough year but what we are doing today is a celebration. It cannot be complaints all the way. We have a business session which we do almost twice a month for our members and we also invite people. At the same time there must be an occasion where we celebrate and this is one of them,” she stated.
When discussing the Central Bank of Nigeria’s most recent withdrawal cap, she said: “I support the CBN policy on cash withdrawal limit. Because I think the explanation they have given us, it would cut down the numerous crimes happening in our society. For example, kidnapping. We feel this will reduce the rate at which kidnappers move money. And then, we are getting close to the election period where a lot of money is thrown about and I feel this policy will also address that.”
Williams, on the other hand, suggested that the government eliminate fuel subsidies saying it provides a way for certain people to take advantage of others.
