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U.S, Nigeria set to work together on trade and investment.
THE U.S. Chamber of Commerce’s U.S.-Africa Business Center hosted the Nigerian Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah for a roundtable discussion with U.S. business executives at their office in Washington, D.C.
The conversation, aimed at enhancing trade and investment relationship between both countries was held on Tuesday.
This comes in the context of a telephone call between President Muhammadu Buhari and President Donald Trump Monday, where both Presidents discussed security and economic issues. It is seen as suggesting the U.S. consideration of Nigeria as a strategic partner.
“The U.S. has historically been one of Nigeria’s top trading partners; it was the biggest importer of Nigeria’s crude oil at some point. In the last five years, however, the sharp decline in U.S. imports of our crude, on account of rising domestic production of shale, has altered the trade balance between our two countries.
This development presents Nigeria with a good opportunity for diversification and to explore and increase non-oil export – especially in agricultural products, services and the digital economy,” said Minister Enelamah.
On his part, the President of the U.S.-Africa Business Center and Vice President for African Affairs at the Chamber Scott Eisner, stated that “With the largest economy in Africa, Nigeria is an important partner for U.S. businesses. Our conversation highlighted the work being done to strengthen the economic relationship between our two countries and how we can continue to build on this relationship.”
With the largest economy in Africa, Nigeria is an important partner for U.S. businesses
Enelamah also participated in a Facebook Live conversation with the U.S.-Africa Business Center following the roundtable. Some of the companies that attended the gathering include Google, Microsoft, Blackstone, Procter and Gamble, UPS, Johnson and Johnson, Boston Scientific, Philip Morris International, Lekoil Oil, ITIC, among others.
It was gathered that the U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
Its International Affairs division includes more than 70 regional and policy experts and 25 country-and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad. The U.S.-Africa Business Center is the preeminent voice in the global business community advocating for increased trade between the United States and Africa.
After the roundtable, the Minister went on to attend events focusing on the Ease of Doing Business and Investment at the Center for Strategic and International Studies (CSIS) and the Hudson Institute. He answered questions from a mixed audience of business executives, government officials, diplomats and others.
He similarly had meetings at the State Department with the outgoing Assistant Secretary of State for African Affairs Linda Thomas Greenfield and U.S. Trade Representatives for Africa at the Commerce office.
Issues on the agenda at the state department ranged from the Africa Growth and Opportunity Act (AGOA), SMEs, Nigeria’s leadership on the Continent and continued engagement with the new administration, while the commerce office focused on trade and the WTO.
Minister Enelamah was accompanied by his Trade Adviser and Chief Negotiator Ambassador Chiedu Osakwe, Special Adviser Bunmi Adeoye and Strategic Communications Adviser, Constance C. Ikokwu.
A recent survey by the National Bureau of Statistics (NBS) has highlighted the severe economic challenges faced by Nigerian households, revealing that two-thirds of the population struggle to afford healthy and nutritious meals. The survey, titled Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024), underscores the worsening multidimensional poverty and the erosion of purchasing power due to the persistent rise in the cost of goods and services.
The report shows that approximately 63.8% of households have been forced to eat only a few kinds of food due to financial constraints. About 62.4% of respondents admitted worrying about food insufficiency, while 60.5% ate less than they thought they should. The situation has deteriorated significantly since the last survey, as the proportion of households expressing food insecurity concerns rose from 36.9% in the previous wave to 62.4% in the current one.
Power Outages and Access to Energy
The survey also sheds light on the nation’s energy crisis, revealing that Nigerian households experience an average of 6.7 power blackouts per week. While 82.2% of urban households have access to electricity, the figure drops to 40.4% in rural areas.
Cooking remains predominantly dependent on traditional methods, with 65% of households using three-stone stoves and 70.2% relying on firewood. However, the use of liquefied petroleum gas (LPG) is reportedly increasing.
Sanitation and Asset Ownership
In terms of sanitation, the report highlights that many households still lack basic toilet facilities, relying on bushes or streets for waste disposal. Access to clean drinking water is often through tube wells or boreholes, reflecting a lack of formal infrastructure in many areas.
On asset ownership, the survey indicates a decline since 2018/19. While two-thirds of households own mobile phones, only 21.3% have internet access. Housing ownership remains significant, with 70.4% of households owning their homes—80.1% in rural areas compared to 49.1% in urban centers.
The NBS report provides a stark reminder of the challenges many Nigerians face daily, from food insecurity and power outages to inadequate sanitation and declining asset ownership. It calls for urgent policy interventions to address these critical issues and improve the living standards of the population.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
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