The Federal Government and the United States of America have signed a Memorandum of Understanding (MoU) on Commercial and Investment Partnership.

The agreement was signed by the Minister of Industry, Trade and Investment, Dr DORIS UZOKA-ANITE, and the U.S. Secretary of Commerce, GINA RAIMONDO on the sidelines of the 2024 African Growth and Opportunity Act Forum held in Washington DC.

The MoU aims to deepen bilateral commercial and investment ties between both countries through collaboration to enhance the business environment and facilitate private sector-led trade and investment projects, among others.

It also establishes a framework for regular consultations at various levels, including business-to-government, government-to-government and business-to-business engagements.

In addition to the MoU, both countries agreed on new structures for cooperation, including ministerial co-chairs, technical co-chairs, and various levels of consultation involving both government and private sector stakeholders. 

The MoU is set to remain operative for five years, with provisions for review and revision as needed.