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01.10.2008 Business & Finance

Nigeria-US trade exceeds $35bn

By Chinyere Okoye - Ghanaian Chronicle

Nigeria has been described as the 20th largest trading partner with the United States, with the volume of trade exceeding N35 billion.

This was revealed by Nigerian- American Chamber of Commerce at the weekend, during its 48th Annual General Meeting, where its Annual Report and Financial Statements, were also presented.

Olaolu Akingugbe, National President of the Chamber, in his statement at the event, said ”in 2007, we began to focus on improving the chamber's effectiveness and efficiency. We invested in people, systems and also ensured that programmes and activities were profitable. We also increased the awareness of the Chamber amongst stakeholders.”

Primary US exports to Nigeria, including grains, oil and gas equipment, machinery, vehicles and aircraft constituted 24 per cent, which represents a 25 per cent increase of US exports to Nigeria over the preceding year.

On the other hand, petroleum products, which are the major Nigerian exports to the United States, constitute 99.6 per cent. Others include organic chemicals, rubber, cocoa, arts and handicrafts.

Akingugbe said the current favourable exchange rate between the naira and the dollar will continue to provide a favourable exporting climate for Nigeria, and expressed confidence that the trade balance will tilt further in Nigeria's favour.