LAGOS – The President of the Nigerian-American Chamber of Commerce (NACC), Mr Sam Ohuabunwa, says Nigeria has yet to enjoy the benefits of the African Growth and Opportunities Act (AGOA).
Ohuabunwa made the statement at the 54th Annual General Meeting of NACC in Lagos on Wednesday.
The U.S. Government established AGOA in 2000 to provide duty and quota free markets for goods from sub-Saharan African countries imported into the U.S.
He said that the incentives provided on the AGOA platform were not substantial enough to balance trade volume deficit between Nigeria and the U.S.
“The United States of America remains Nigeria’s biggest trading partner.
“Bilateral trade between both countries has risen to 36 billion dollars just as President Goodluck Jonathan has called for more U.S. investments in Nigeria.
“We have exported more crude oil to the U.S. than manufactured goods.
“There is a need for capacity building in customs regulations and operations and policy reforms that will develop the private sector to produce products that meet international trade and export standards,” he said.
Ohuabunwa said that NACC had contributed to the growth of Small and Medium Scale Enterprises through its five million dollars private equity fund, launched in 2013.
NAN reports that the chamber recorded an accumulated fund of N 23.6 million for the 2013 year ended as against the N22.1 million recorded in 2014. (NAN)