USA Ambassador to Nigeria, Mary Beth Leonard, discloses Nigeria will continue to be eligible for preferential trade access to US market under African Growth and Opportunity Act (AGOA)
Written by News Room on May 31, 2022
The United States of America (USA) Ambassador to Nigeria, Mary Beth Leonard, has disclosed that Nigeria will continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (AGOA).
Leonard, during a visit to the Minister of Industry, Trade and Investment, Adeniyi Adebayo, said Nigeria became eligible after a review of the criteria set by the US Congress under AGOA.
According to her, the criteria for eligibility among other things, include the establishment of a market-based economy, rule of law, political pluralism, right to due process, fair trial, equal protection under the law, elimination of barriers to US trade and investment, economic policies to reduce poverty, a system to combat corruption and bribery, and protection of internationally recognized workers’ rights.
AGOA criteria also required the benefitting country to respect internationally recognized human rights.
Leonard noted that during the AGOA eligibility review, the US government acknowledged the progress Nigeria has made to diversify and strengthen the market-based economy, poverty reduction, reforms in the power sector, raising electricity tariffs and implementation of the Nigeria Economic Sustainability Plan (NESP).