US assures Nigeria of trade access based on AGOA criteria
By Jeph Ajobaju, Chief Copy Editor
Nigeria will continue to get priority trade access to the United States’ market under the African Growth and Opportunity Act (AGOA), US Ambassador to Nigeria Mary Beth Leonard has assured.
She said Nigeria became eligible after a review of the criteria set by the US Congress under AGOA, which include, among others,
- Establishment of a market-based economy
- The rule of law
- Political pluralism
- Right to due process
- Fair trial
- Equal protection under the law
- Elimination of barriers to US trade and investment
- Economic policies to reduce poverty
- A system to combat corruption and bribery
- Protection of internationally recognised workers’ rights
- Upholding internationally recognised human rights
Leonard was quoted in a statement issued by the Ministry of Industry, Trade and Investment after she visited the Minister, Adeniyi Adebayo, in Abuja.
She said during the AGOA eligibility review, Washington noted the progress Nigeria has made to diversify and strengthen a market-based economy, poverty reduction, reforms in the power sector, raising electricity tariffs, and implementing the Nigeria Economic Sustainability Plan.
She, however, expressed America’s concern about the lack of access of US firms to foreign exchange (forex), particularly their inability to repatriate revenue and fulfill loan obligations in a timely manner.
Child labour and a lack of respect for the rule of law in Nigeria are also of concern to the US government, Leonard stressed.
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Nigeria to expand trade with US
Adebayo expressed delight with the Washington report which allows Nigeria to continue to enjoy preferential trade access to the US market, and said it affirms the progress Nigeria is making to reposition the economy for better performance.
He explained that Abuja has established the Presidential Enabling Business Environment Council chaired by Vice President Yemi Osinbajo and himself to improve the business environment.
Adebayo gave an assurance that the government will continue to do everything within its power to deepen trade relations between Nigeria and the US, according to reporting by The PUNCH.
He promised to convey the concerns of the US government to affected Nigerian government agencies, some of which are not under the control of his ministry.
AGOA, a trade policy of the US, allows 6,000 products to be exported to that country duty-free, and many countries in Africa are taking the opportunity to earn hard currency.
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