Economy
Nigeria-US Trade Value Hits $13bn
Trade between Nigeria and the United States in goods and services in 2024 stood at approximately $13 billion, according to the US Ambassador to Nigeria, Mr David Greene Mills.
He made the disclosure yesterday in his address at the Lagos Business School, where he disclosed that US’ foreign direct investment also climbed to $6.5 billion, a 5.5 per cent increase from the previous year, which highlighted renewed investor confidence and a shared commitment to long-term economic engagement.
At the event themed Toward a Robust US-Nigeria Commercial and Investment Partnership, Mr Mills articulated a forward-looking vision built on private sector dynamism, regulatory reform, and strategic cooperation.
The Ambassador praised the Lagos Business School for its role in advancing intellectual and entrepreneurial excellence, highlighting its strategic relocation from Victoria Island to the Lekki corridor—a move he described as visionary.
With his recent visits to the Lagos Free Zone and American companies in Alaro City, Mr Mills pointed to the growing footprint of US enterprises in Nigeria with firms such as Kellogg’s, Colgate-Palmolive, and Caterpillar driving industrial innovation and bilateral trade.
At the heart of his message was the US State Department’s Commercial Diplomacy Strategy for Sub-Saharan Africa, launched earlier this year at the Africa CEO Forum in Abidjan. This bold strategy marks a pivot from aid-based models to trade-led development, placing economic growth and private sector partnerships at the core of US foreign policy on the continent.
Mr Mills emphasized that Nigeria, as Africa’s most populous nation and the second-largest U.S. trading partner in the region, stands at the center of this strategic shift.
He further highlighted the vibrant people-to-people connections between the two countries, noting that over 20,000 Nigerian students are currently studying in the US—more than from any other African country.
In addition, the Nigerian diaspora in the United States, numbering over 750,000, represents the largest African immigrant community and plays a key role in strengthening cross-border economic and cultural bonds.
To consolidate these ties, Mr Mills announced the upcoming formal launch of the US-Nigeria Commercial and Investment Partnership (CIP)—a five-year bilateral agreement focused on agriculture, digital innovation, and infrastructure development.
The initiative will bring together policymakers and business leaders from both countries to resolve longstanding trade bottlenecks and promote a more predictable regulatory environment.
The Ambassador also praised the efforts of the interagency US Mission team, which includes officials from the Departments of Commerce and Agriculture, the Development Finance Corporation, and other key institutions. In 2024 alone, this team facilitated over 7,000 business-to-business meetings and organized high-level trade missions aimed at unlocking new market opportunities and advancing U.S. commercial interests in Nigeria.
With more than 80 American companies already operating in Nigeria and U.S. venture capital responsible for over 60 percent of all startup funding in the country, the impact of American investment is increasingly visible. Ambassador Mills pointed to successful ventures like Flutterwave, Andela, and Esusu as powerful examples of how education, innovation, and transnational collaboration are shaping a new narrative for African entrepreneurship.
Concluding his remarks, Mr Mills called on American businesses to explore new opportunities in Nigeria and urged Nigerian policymakers to enact reforms that encourage investment and innovation. He challenged young Nigerians to embrace their role in driving economic transformation with bold thinking and a global mindset.
“The United States is committed to strengthening our trade relationship,” he said, “and continuing to work with Nigeria to unlock the full potential of our commercial partnership for the benefit of the people of both our nations.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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