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Nigeria is a Veritable Gateway into W/African Markets – Kumar
- By Williams Ekanem
- Published March 14th, 2011
- Washington File
- Unrated
What is the Trade Mission all about and how has the buildup been?
The U.S Commercial Service at the U.S Consulate in Lagos has arranged approximately 285 business matchmaking meetings across two cities between U.S. companies and prospective Nigerian buyers. This is from over 400 companies in Nigeria, in which we are looking at as prospects of partnership between the companies there and the ones here.
Over the last six months, we have been speaking to a lot of Nigerian companies in Kano, Abuja, P.H Kaduna, we have actually combed the entire country looking out for possible partners for the 19 companies we are going with.
We are going with 19 companies, but we spoke to over 400 Nigerian companies as potential partners and shortlisted 285 from which we will have a one on one meeting with each of them to see areas of doing business together.
Besides meeting with business concerns, do you plan to meet with other bodies such as Chambers of Commerce or government officials?
Our meetings will essentially focus on those who understand what we do so as to bring businesses to the United States. U.S. trade mission participants will participate in a robust business-to-business matchmaking component with Nigerian companies including potential agents, distributors and partners
In addition to that, I will be meeting with the Central Bank governor, the agriculture minister, Lagos State governor as part of the bilateral meetings and areas of collaboration.
Talking about collaboration, which are the sectors involved in the 19 companies you are travelling with?
The mission includes a range of small, medium-sized, and large U.S. companies in sectors such as energy and power generation, health care, information technology, and transportation and construction. Several mission participants are small business owners of Nigerian birth who are looking to further trade ties with their native country. U.S. exports to Nigeria in 2010 consisted mostly of cereals, vehicles, machinery, and fuel. U.S. two-way trade with Nigeria totaled $34.5 billion in 2010. Total U.S.-Nigerian merchandise trade did fall in 2008 and 2009, as did global trade, but rebounded in 2010.
What actually is the target of the Trade Mission, is it to increase export or invest in Nigeria?
Our main objective is exports between the two countries increase. We believe that the U.S products have a good market in Nigeria, we also believe that our goods will compete effectively on the Nigerian market and we have also seen the export opportunities there. The companies on the trade mission will explore all the opportunities, whether it is export promotion or outright investment in Nigeria, everything is on the card, our goal is just to make sure that trade between the two country grows.
U.S. mission participants will gain first-hand market information, access to government decision makers, and one-on-one meetings with business contacts, including potential agents, distributors and partners. In addition, Nigeria is often considered a strong gateway into other West African markets. During the mission, Nigerian companies will benefit from learning more about U.S. products and services and face-to-face introductions to U.S. companies highly motivated to do business in Nigeria.
Is this going to be your first time or have you done this before?
I have been to Nigeria several times, I have been to Lagos, to Abuja, I have been part of a delegation when there was a fertilizer summit in Abuja during the regime of Olusegun Obasanjo in 2006. So I am familiar with what Nigeria has to offer, the opportunities there. And as you will know, President Obama launched the National Export Initiative about a year ago which aims to double overall U.S. exports by 2015. The trade mission is an outcome of the NEI, and Nigeria represents a key market for U.S. companies that can assist in diversifying Nigeria’s economy through trade, technologies, and services.
Already in the first year, we have 17 per cent growth which is higher than our target. The charge is to increase exports, which is what we are doing; it is also to create permanent jobs at home and markets in countries like Nigeria.
What potentials do you see in the Nigeria to embark on this trade mission?
We are looking at Nigeria as being the gateway to the rest of West Africa. It is an export destination in West Africa. Worldwide we have 1503 professionals from the U.S. foreign commercial service around the world based in 129 cities across 75 countries, one of which is Nigeria. And in Nigeria we have presence both in Lagos and Abuja.
As a matter of fact, all our representatives are very conversant with the position of Nigeria and as a matter of fact looking forward to the trip.
Nigeria has been identified as an area of interest to the service, it will continue to be seen as destination point.
“This trade mission demonstrates the strong U.S. business interest in expanding commercial ties with Nigeria, the fastest growing export market in sub-Saharan Africa,” Kumar said. “Nigeria is a place of great business potential and opportunity, and we look forward to meeting with Nigerian companies and generating new businesses that will contribute to mutual prosperity and job growth for both our countries.”
The U.S Commercial Service at the U.S Consulate in Lagos has arranged approximately 285 business matchmaking meetings across two cities between U.S. companies and prospective Nigerian buyers. This is from over 400 companies in Nigeria, in which we are looking at as prospects of partnership between the companies there and the ones here.
Over the last six months, we have been speaking to a lot of Nigerian companies in Kano, Abuja, P.H Kaduna, we have actually combed the entire country looking out for possible partners for the 19 companies we are going with.
We are going with 19 companies, but we spoke to over 400 Nigerian companies as potential partners and shortlisted 285 from which we will have a one on one meeting with each of them to see areas of doing business together.
Besides meeting with business concerns, do you plan to meet with other bodies such as Chambers of Commerce or government officials?
Our meetings will essentially focus on those who understand what we do so as to bring businesses to the United States. U.S. trade mission participants will participate in a robust business-to-business matchmaking component with Nigerian companies including potential agents, distributors and partners
In addition to that, I will be meeting with the Central Bank governor, the agriculture minister, Lagos State governor as part of the bilateral meetings and areas of collaboration.
Talking about collaboration, which are the sectors involved in the 19 companies you are travelling with?
The mission includes a range of small, medium-sized, and large U.S. companies in sectors such as energy and power generation, health care, information technology, and transportation and construction. Several mission participants are small business owners of Nigerian birth who are looking to further trade ties with their native country. U.S. exports to Nigeria in 2010 consisted mostly of cereals, vehicles, machinery, and fuel. U.S. two-way trade with Nigeria totaled $34.5 billion in 2010. Total U.S.-Nigerian merchandise trade did fall in 2008 and 2009, as did global trade, but rebounded in 2010.
What actually is the target of the Trade Mission, is it to increase export or invest in Nigeria?
Our main objective is exports between the two countries increase. We believe that the U.S products have a good market in Nigeria, we also believe that our goods will compete effectively on the Nigerian market and we have also seen the export opportunities there. The companies on the trade mission will explore all the opportunities, whether it is export promotion or outright investment in Nigeria, everything is on the card, our goal is just to make sure that trade between the two country grows.
U.S. mission participants will gain first-hand market information, access to government decision makers, and one-on-one meetings with business contacts, including potential agents, distributors and partners. In addition, Nigeria is often considered a strong gateway into other West African markets. During the mission, Nigerian companies will benefit from learning more about U.S. products and services and face-to-face introductions to U.S. companies highly motivated to do business in Nigeria.
Is this going to be your first time or have you done this before?
I have been to Nigeria several times, I have been to Lagos, to Abuja, I have been part of a delegation when there was a fertilizer summit in Abuja during the regime of Olusegun Obasanjo in 2006. So I am familiar with what Nigeria has to offer, the opportunities there. And as you will know, President Obama launched the National Export Initiative about a year ago which aims to double overall U.S. exports by 2015. The trade mission is an outcome of the NEI, and Nigeria represents a key market for U.S. companies that can assist in diversifying Nigeria’s economy through trade, technologies, and services.
Already in the first year, we have 17 per cent growth which is higher than our target. The charge is to increase exports, which is what we are doing; it is also to create permanent jobs at home and markets in countries like Nigeria.
What potentials do you see in the Nigeria to embark on this trade mission?
We are looking at Nigeria as being the gateway to the rest of West Africa. It is an export destination in West Africa. Worldwide we have 1503 professionals from the U.S. foreign commercial service around the world based in 129 cities across 75 countries, one of which is Nigeria. And in Nigeria we have presence both in Lagos and Abuja.
As a matter of fact, all our representatives are very conversant with the position of Nigeria and as a matter of fact looking forward to the trip.
Nigeria has been identified as an area of interest to the service, it will continue to be seen as destination point.
“This trade mission demonstrates the strong U.S. business interest in expanding commercial ties with Nigeria, the fastest growing export market in sub-Saharan Africa,” Kumar said. “Nigeria is a place of great business potential and opportunity, and we look forward to meeting with Nigerian companies and generating new businesses that will contribute to mutual prosperity and job growth for both our countries.”
