Nigeria, USA sign MoU for sustainable digital economy

Blessing Taiwo

The Nigerian government has collaborated with the United States of America to establish framework for sustainable economy and investments.

The partnership will further enhance strengthen commercial ties between the two countries on infrastructure, digital economy, agriculture, among others.

The duo signed a Memorandum of Understanding (MoU) to on the sidelines of the 2024 AGOA Forum in Washington, D.C., by Nigeria’s Minister of Industry, Trade, and Investment, Doris Uzoka Anite, and the U.S. Secretary of Commerce, Gina Raimondo.

Both countries issued a joint statement outlining new avenues of commercial cooperation and affirming shared priorities on the digital economy, demonstrating a comprehensive approach to enhancing bilateral economic relations.

A statement by the ministry stated that the MoU will deepen bilateral commercial and investment relationships by enhancing the business environment, facilitating private sector-led trade and investment projects, developing direct business relations, and implementing actions for a mutually beneficial trade and investment partnership.

“The agreement focuses on key economic sectors including infrastructure, agriculture, sports and the digital and creative economy, as well as cross-cutting areas such as investment promotion and regulatory reforms. It also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government, and business-to-business engagements,” the statement read.

The minister noted that the MoU marks a pivotal moment in Nigeria-U.S. economic relations by focusing on critical sectors like infrastructure, agriculture, and the creative and digital economy, we are laying the groundwork for sustainable economic growth and job creation.

Uzoka reiterated the present administration’s commitment to economic growth and expansion of global investments.

“This partnership underscores our commitment to nurturing an enabling environment for investment and trade, which is crucial for President Bola Ahmed Tinubu’s economic development agenda. We are particularly excited about the opportunities this presents for our fast-growing tech sector and the potential for knowledge transfer and innovation,” she said.

U.S. Secretary of Commerce, Gina Raimondo, emphasised the importance of the partnership, saying, “With the largest population and largest democracy in Africa, Nigeria is an essential partner for the United States.

“At the U.S. Department of Commerce, we are committed to working hand-in-hand with our Nigerian Government colleagues to foster deeper commercial cooperation that helps promote inclusive economic growth, fosters innovation, and creates jobs in both our countries.”