The United States Ambassador to Nigeria, Richard Mills Jr, has said the U.S. is shifting its engagement with Nigeria and sub-Saharan Africa from aid to private sector-led investment.
Speaking at the Lagos Business School during a Fireside Chat themed ‘Toward a Robust US-Nigeria Commercial and Investment Partnership’, Mills emphasised the goal of promoting two-way trade and commercial ties. Nigeria, the U.S.’s second-largest trade partner in Africa, recorded bilateral trade of about $13bn in 2024.
Mills noted that the U.S. would continue investing in development, but through trade and private investment, not aid. He cited a recent five-year Commercial and Investment Partnership (CIP) agreement between the U.S. and Nigeria, focusing on agriculture, digital economy, and infrastructure.
Only five African countries have signed the CIP. Working groups in key sectors are set to launch later this month, The PUNCH reports.
The ambassador praised the Nigerian government’s willingness to engage with U.S. businesses and acknowledged recent reforms as crucial for improving the investment climate. He also recognised the reforms’ short-term difficulties but expressed optimism about their long-term benefits.
Mills highlighted electricity distribution as a major obstacle for U.S. firms, especially in tech, and said the U.S. is supporting off-grid solutions through Power Africa.