21st November, 2017 has become a memorable day in the country’s journey to economic diversification as the US Department of Commerce and Nigeria’s Ministry of Industry Trade and Investment (MITI) finalised the Memorandum of Understanding (MoU) to formally establish a new bilateral policy instrument focused on trade and investment between Nigeria and the United States.
The US-Nigeria Commercial and Investment Dialogue (CID) is a US Department of Commerce and Nigeria’s Ministry of Industry Trade and Investment-led mechanism designed to promote increased, diverse, and sustained trade and investment between the United States and Nigeria. The MoU which was signed on the aforesaid date is designed to diverse, increase, and sustain trade and investment between Nigeria and the United States of America.
The US, Nigeria Commercial and Investment Dialogue (CID) is the newest instrument of US engagement with Nigeria. The CID leverages the voice of the private sector in the effort to boost the bilateral commercial and investment relationship.
Nigeria’s Minister of Industry Trade and Investment, Dr Okechukwu Enelemah, signed the Memorandum of Understanding, witnessed by US Deputy Assistant Secretary Seward L. Jones, Jr. The document had been previously signed in Washington by Secretary of Commerce Wilbur L. Ross, Jr. on behalf of the United States Government. The United States and Nigeria has worked together for several months on the requisite details to establish the CID.
The plan to establish the CID was started many months ago by the two countries and it was initially expected to focus on infrastructure, agriculture, digital economy, investment, and regulatory reform. At the 2016 US-Africa Business Summit in New York, President Muhammadu Buhari announced his support for the CID and Dr Enelemah has worked tirelessly with many senior officials of the US Department of Commerce to bring about the signing. The CID is expected to launch in early 2018 at a meeting co-chaired by Secretary Ross and Minister Enelamah.
The Federal Government of Nigeria and the Government of the United States of America share a long history of partnership of fostering economic development formalised under the Economic Co-operation Agreement between the United States and the United Kingdom, signed in London July 6, 1948, succeeded to by the Federal Government of Nigeria on October 1, 1960. The effect is the birth of several memoranda of understanding which both countries have leveraged in stimulating the growth of their economies.
This article was written by Prince O. Williams-Joel.Esq, The Managing Partner of Prince Joel & Associates. Do not hesitate to email me if you have any enquiries: princejoel@princejoelandassociates.com
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