The State Department on Monday stated that Nigeria-United States’ two-way trade volumes in 2010 hit 34 billion dollars, representing a 51 per cent increase over that of 2009, which remains the United States’ largest trading partner in sub-Saharan Africa.
The latest background notes on Nigeria stated that the increase in trade was largely due to the recovery in the international price of crude oil.
Nigeria is the fifth largest exporter of oil to the US and accounts for eight per cent of America’s oil imports.
The background notes noted that US goods exported to Nigeria in 2010, including cereals (wheat and rice), motor vehicles, petroleum products and machinery were worth more than four billion dollars.
Similarly, it indicated that US imports from Nigeria was over 30 billion dollars, consisting overwhelmingly of crude oil.
It stated that cocoa, bauxite and aluminium, tobacco and waxes, rubber and grains constituted about 73 million dollars of US imports from Nigeria in 2010.
“Although the trade balance overwhelmingly favors Nigeria due to oil exports, a large portion of US exports to Nigeria is believed to enter the country illegally,” it added.
The US trade deficit with Nigeria in 2010 was 26 billion dollars, while the country was ranked the 13th largest trading partner for the US in 2010.
The publication put the stock of U.S. Foreign Direct Investment (FDI) in Nigeria in 2009, at $5.4 billion, up from $3.4 billion in 2008.
It added that U.S. FDI in Nigeria concentrated largely in the petroleum/mining and wholesale trade sectors.