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FG to boost Nigerian products’ export to US

By on May 10, 2014

The Federal Government on Thursday said it was partnering with the United States Government to boost the export of Nigerian products to the US.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said this during the 2014 Small and Medium Enterprises Summit as part of activities for the World Economic Forum for Africa taking place in Abuja.

Speaking at the forum, which had as its theme: ‘Forging inclusive growth, creating jobs’, the minister said Nigerian products would be exported under the African Growth and Opportunity Act initiative.

Aganga also said his ministry was working on a new AGOA strategy that would help boost the export of Nigerian products to the US market.

He said, “AGOA is a programme by the government of the United States, which allows some African countries to export their products to the United States duty free. The AGOA programme covers about 6,000 products.

“During the extra-ordinary session of the African Union Trade Ministers two weeks ago, there was a discussion that Africa should push for the extension of AGOA for 15 more years. Most African countries, including Nigeria, have not fully taken advantage of AGOA and maximise the benefits of exporting to the United States market under the AGOA initiative.

“In order to address the challenges militating against Nigeria’s quest towards taking full advantage of the AGOA initiative, we are working on a new AGOA strategy that will enable increase Nigeria’s volume of export to the United States.”

Aganga also said that as part of measures to enhance access to the market, there was a need to develop and deepen private equity and venture capital across the country.

He said, “Also, discussions are ongoing with my United States counterpart on how we can partner them in order fully benefit from the AGOA initiative.

“We believe that Nigeria can do far more than it is currently doing under AGOA. Although Nigeria exports some agricultural products to the United States under AGOA, some of the products do not meet the required standards for export to the United States market.”

 

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