The economic ties between Nigeria and the United States strengthened significantly in 2024 with nearly $13 billion recorded in two-way trade and U.S. foreign direct investment (FDI) rising by 25.2 per cent to $7.9 billion, the Acting U.S. Deputy Chief of Mission, Timothy Smith, has said.
Smith said at the 5th Bi-Monthly Journalism Clinic on Business and Economics Reporting, organised by the Media Career Development Network (MCDN) in partnership with the United States Diplomatic Mission in Nigeria.
Describing Nigeria as the United States’ second-largest trading partner in Sub-Saharan Africa, Smith said that the latest figures reflected deepening commercial engagement and expanding investment flows between both countries.
“Nigeria is the United States’ second-largest trading partner in Sub-Saharan Africa, with nearly $13 billion in two-way trade in 2024,” he said.
According to him, U.S. foreign direct investment reached $7.9 billion last year, a 25.2 per cent increase from 2023.”
He noted that the figures represent more than statistical milestones.
“These aren’t just numbers. They represent jobs, opportunities and economic transformation,” Smith stated.
The Acting Deputy Chief of Mission linked the growth to sustained bilateral efforts under the U.S.-Nigeria Commercial and Investment Partnership (CIP), whose recent ministerial meeting in Lagos reaffirmed a five-year Memorandum of Understanding to expand trade, strengthen investment and drive private sector-led economic growth.
The meeting, co-chaired by the U.S. Deputy Assistant Secretary Bradley McKinney and Nigeria’s Minister of Industry, Trade and Investment, Olajumoke Oduwole, focused on improving the business climate and removing barriers to trade and investment in agriculture, digital economy and infrastructure.
While highlighting these economic gains, Smith underscored the critical role journalists play in sustaining transparency and accountability within growing trade relationships.
He described journalism as “a central pillar” of democracy and emphasized that strong economic partnerships require clear and independent reporting.
According to him, complex trade agreements, investment frameworks and market policies must be accurately interpreted and explained to the public.
“Meetings like the CIP ministerial demand skilled Business and Economics journalism,” he said. “They depend on clear, accurate and independent reporting to help the public understand how trade policies affect them, how business markets function, and how to hold governments and companies accountable to their promises.”
Smith urged journalists to move beyond reporting figures to telling stories that put people at the centre of economic data, noting that effective reporting helps citizens see how bilateral trade and investment translate into livelihoods, enterprise growth and broader national development.
He reaffirmed the United States’ commitment to supporting Nigeria’s media landscape, stressing that freedom of expression, including the right to publish, broadcast and report without fear, remains fundamental to democratic governance and sustainable economic growth.
The Journalism Clinic, which has trained about 100 emerging journalists across print, broadcast and digital platforms, continues to provide capacity-building support in specialised areas critical to both national development and international economic partnerships.
GIK/APA