The Federal Ministry of Industry, Trade and Investment, led by The Hon. Minister, Dr. Jumoke Oduwole, held a pivotal meeting today with the outgoing U.S. Ambassador Richard M. Mills Jr. and the incoming U.S. Consul General to Nigeria, Rick Swart. The dialogue focused on aligning both nations on shared commercial goals, deepening bilateral economic ties, and reviewing key trade and investment frameworks.
Dr. Oduwole acknowledged that Nigeria’s tariff on trade with the United States has moved from 14% to 15%, clarifying that despite this adjustment, Nigeria remains a favorable environment for U.S. investors. She emphasized the scale of duty-free machinery, equipment, and services entering Nigeria from the U.S., underlining the mutually beneficial nature of this commercial exchange.
She highlighted the ongoing business-to-business engagements stemming from the commercial investment partnership launched on June 24th, which continue with momentum and are set to culminate in a ministerial meeting on November 20th. This underscores the enduring relationship between both nations and their shared commitment to economic collaboration.
Dr. Oduwole reiterated Nigeria’s dedication to advancing food sovereignty, digital trade, and competitiveness under President Bola Ahmed Tinubu’s “Nigeria First Policy and Intervention” initiative. She noted that recent monetary, fiscal, and trade reforms have yielded measurable results in stabilizing the economy and setting it on a growth trajectory.
In his remarks, Ambassador Richard M. Mills Jr. reaffirmed the United States’ goal to deepen its trade relationship with Nigeria—Africa’s largest commercial market—highlighting the substantial U.S. investments already present. He noted that the incoming Consul General, Rick Swart, would play a vital role in furthering this agenda.
The incoming Consul General, Rick Swart echoed this sentiment, pledging to advance the principles of free and fair trade that benefit businesses on both sides. He reaffirmed the U.S. government’s commitment to expanding investment and trade opportunities with Nigeria, in alignment with broader strategic goals from Washington.
The meeting concluded on a note of mutual respect and forward-looking optimism, as both countries look to build on their long-standing commercial relationship with renewed energy and aligned priorities.
Signed
Dr Adebayo Thomas
Director Press Public Relations
4th August, 2025
