The U.S. Trade Representative’s 2024 Biennial Report on the African Growth and Opportunity Act (AGOA) reaffirms Nigeria’s AGOA eligibility—but with key wins and challenges:
✅ Trade & Exports
• Nigeria was the #1 AGOA exporter to the U.S. in 2023: $3.8B, mostly crude oil ($3.6B).
• Unlike South Africa or Kenya, Nigeria has limited non-oil exports, signaling a need for diversification.
✅ Reforms & Economy
• The Nigerian National Petroleum Corporation (NNPC) was converted to a limited liability company in 2022 to boost transparency and profitability.
• However, import bans remain in place, fueling food insecurity, corruption, and poverty.
✅ Governance & Rule of Law
• The 2023 elections showed strong political pluralism—opposition parties gained ground even as the ruling party retained the presidency.
• Corruption remains widespread: Nigeria ranked 145/180 in Transparency International’s 2023 Index.
✅ Poverty & Social Investment
• By late 2022, over 1.6M households received cash transfers, 10M children were fed in schools, 2.4M entrepreneurs got loans, and 1M youth gained training/jobs.
• In 2023, the National Social Investment Program Agency was created to expand safety nets, backed by an $800M World Bank loan.
• Despite progress, poverty levels remain high, especially in the north.
⚠️ Labor & Human Rights Concerns
• Gains: more labor inspections, traffickers prosecuted.
• Ongoing issues: child & forced labor, restricted union rights, gender-based violence, limited press freedom.
• Same-sex relations remain criminalized nationwide; in 12 Sharia states, penalties can include stoning—though no executions reported.
🔒 Security
• Nigeria does not support terrorism and is aligned with U.S. national security interests.
📌 Takeaway:
Nigeria is AGOA’s top crude oil exporter but lags in diversification. Social programs show scale, yet poverty, corruption, and human rights concerns continue to threaten long-term gains. Stronger reforms and non-oil export growth are crucial for Nigeria to fully benefit from AGOA.
Mbariket | 10x U.S.—Nigeria Exports
Scaling to $100M in export revenue by 2028
