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Nigeria, US trade volume now N6trn–Jonathan

President Goodluck Jonathan has the volume of trade between Nigeria and the United States  has risen to $36 billion (an equivalent of N6 trillion). Jonathan…

President Goodluck Jonathan has the volume of trade between Nigeria and the United States  has risen to $36 billion (an equivalent of N6 trillion).

Jonathan said this late Wednesday in Washington DC at a dinner held in his honour by the United States Chambers of Commerce and the Corporate Council on Africa.

He said that the volume of trade would continue to grow with greater cooperation between Nigeria and its allies in the United States Government and private sector.

He noted that his administration welcomed the support of the US President Barrack Obama’s administration and both organisations for ongoing efforts to positively transform the Nigerian economy and  ensure that it becomes one of the 20 largest economies in the world by the year 2020.

The president, who urged greater direct investment in Nigeria from the United States, said recent developments had shown that Obama was right when he spoke last September of increasing international recognition of Nigeria’s role in the global economy.

Jonathan said: “Our economy has since been re-based and it is now the largest in Africa.  We are the 26th largest economy in the world and the largest trading partner of the United States in Africa. Latest figures show the volume of trade between Nigeria and the U.S. to be $36 billion and still counting.

“Between last year and now, we hosted the World Economic Forum on Africa  which was attended by 1,000 participants from 70 countries. The Forum attracted over $68 billion in investment to the African continent in the form of Foreign Direct Investments, as well as private and public investments targeted at projects that would foster the agriculture sector, improve infrastructure such as roads, railways, hospitals, education, skill development and ICT across African countries. 
 
“We remain the largest source of natural gas and have large areas of unexploited fertile lands for agriculture.  We have a huge stock of untapped solid minerals and we continue to make Nigeria an attractive destination for foreign investors through the constant implementation of our policy of creating an attractive and conducive climate for investors”.
 
He said though the oil and gas industry remained Nigeria’s main source of revenue and foreign exchange earner, his administration was working very hard to fully diversify the country’s economy and would welcome greater support from the United States for its efforts towards making other sectors of the Nigerian economy more productive.
 
Jonathan also assured American investors that his government was taking all necessary measures to end the Boko Haram insurgency and achieve greater security of lives and property in all parts of Nigeria.
 
The president left Washington DC to return home after the dinner and talks earlier Wednesday with Obama and other African Heads of State and Government at the first United States-African Leaders Summit.

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