Nigeria to enjoy preferential trade access to U.S market -Ambassador

The United States of America has said Nigeria would continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (AGOA).

The U.S Ambassador to Nigeria, Mary Beth Leonard at the weekend during a visit to the Ministry of Industry, Trade and Investment, said Nigeria became eligible after a review of the criteria set by the U.S Congress under AGOA.

According to her, the criteria for eligibility among other things include the establishment of a market-based economy, rule of law, political pluralism, right to due process, fair trial, equal protection under the law, elimination of barriers to U.S trade and investment, economic policies to reduce poverty, a system to combat corruption and bribery and protection of internationally recognised workers’ rights.

She explained that the AGOA criteria also required the benefitting country to respect internationally recognised human rights.

Leonard noted that during the AGOA eligibility review, the U.S government noted the progress Nigeria had made to diversify and strengthen the market-based economy, poverty reduction, reforms in the power sector, raising electricity tariffs and implementation of the Nigeria Economic Sustainability Plan (NESP).

The US Ambassador also expressed her government’s concern on the availability and accessibility of U.S firms to forex, particularly their ability to repatriate revenue and fulfil loan obligations in a timely manner, child labour and respect for the rule of law.

The Nigerian Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo who expressed his happiness with the U.S government report which allows Nigeria to continue to enjoy preferential trade access to the U.S market, said the report was an affirmation of the progress the country was making to reposition the economy for better performance.

He explained that the federal government had established the Presidential Enabling Business Environment Council (PEBEC), under the chairmanship of the Vice President and himself as Vice-chairman to improve the business environment.

Mr Adebayo assured that the government would continue to do everything within its power to deepen trade relations between the two countries.

The Minister promised to convey the concerns of the U.S government to the affected agencies of government, some of which were not under the control of his Ministry.