The Nigerian-American Chamber of Commerce (NACC) has stressed the need for U.S. and African countries to focus on long term trade and investment strategies that would invigorate US-Africa Trade and Investment.
Otunba Oluwatoyin Akomolafe, National President of NACC made the call during the NACC 58th Annual General Meeting (AGM) and New Members’ Induction on Friday in Lagos.
Akomolafe said that the call became imperative with the expiration of the African Growth and Opportunity Act (AGOA) being just six years.
The African Growth and Opportunity Act (AGOA) is a United States Trade Act, enacted on May 18, 2000.
AGOA seeks to enhance market access to the US for qualifying Sub-Saharan African (SSA) countries, assist the economies of Africa and enhance economic relations between the United States and the region.
After completing its initial 15 years period of validity, the AGOA legislation was extended on June 29, 2015 by former US President Barack Obama for a further 10 years, to 2025.
Akomolafe said that the chamber’s AGOA Committee worked assiduously to ensure the AGOA National Utilization Strategy for Nigeria was finalised and presented to the Federal Government for approval.
“They worked tirelessly with several stakeholders and government departments on this noble cause which thankfully was approved some weeks ago,” he said.
According to him, the strategy will evolve measures to attract and increase US private investments, accelerate industrialisation and diversification of the economy and boost non-oil exports.
Speaking on the chamber’s financial performance, Akomolafe disclosed that NACC in 2018 recorded a total Income of N69.7 million from N40.3 million it generated in 2017.
“Out of the N69.7 million total income generated for the year 2018, Member’s Due and Self-Financing Activities made up 69 per cent of the total inflow with Members Due generating N19.3 million and N28.8 million for Self-Financing Activities.
“Over the past three years, the Chamber has consistently improved its financial performance and I will like to thank members of the Secretariat for their dedication and commitment,” Akomolafe said.
Akomolafe stressed that NACC would continue to ensure that its mission and vision in fostering and advancing economic cooperation between Nigeria and the US was sustained both to its member companies and other relevant stakeholders.