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Memorandum of Understanding between Nigeria and USA on Commercial and Investment Dialogue (Cid): a Boost to Economic Diversification

Published: Monday, January 15, 2018

21st November, 2017 has become a memorable day in the country’s journey to economic diversification as the US Department of Commerce and Nigeria’s Ministry of Industry Trade and Investment (MITI) finalised the Memorandum of Understanding (MoU) to formally establish a new bilateral policy instrument focused on trade and investment between Nigeria and the United States.

The US-Nigeria Commercial and Investment Dialogue (CID) is a US Department of Commerce and Nigeria’s Ministry of Industry Trade and Investment-led mechanism designed to promote increased, diverse, and sustained trade and investment between the United States and Nigeria. The MoU which was signed on the aforesaid date is designed to diverse, increase, and sustain trade and investment between Nigeria and the United States of America.

The US, Nigeria Commercial and Investment Dialogue (CID) is the newest instrument of US engagement with Nigeria. The CID leverages the voice of the private sector in the effort to boost the bilateral commercial and investment relationship.

Nigeria’s Minister of Industry Trade and Investment, Dr Okechukwu Enelemah, signed the Memorandum of Understanding, witnessed by US Deputy Assistant Secretary Seward L. Jones, Jr. The document had been previously signed in Washington by Secretary of Commerce Wilbur L. Ross, Jr. on behalf of the United States Government. The United States and Nigeria has worked together for several months on the requisite details to establish the CID.

The plan to establish the CID was started many months ago by the two countries and it was initially expected to focus on infrastructure, agriculture, digital economy, investment, and regulatory reform. At the 2016 US-Africa Business Summit in New York, President Muhammadu Buhari announced his support for the CID and Dr Enelemah has worked tirelessly with many senior officials of the US Department of Commerce to bring about the signing. The CID is expected to launch in early 2018 at a meeting co-chaired by Secretary Ross and Minister Enelamah.

The Federal Government of Nigeria and the Government of the United States of America share a long history of partnership of fostering economic development formalised under the Economic Co-operation Agreement between the United States and the United Kingdom, signed in London July 6, 1948, succeeded to by the Federal Government of Nigeria on October 1, 1960. The effect is the birth of several memoranda of understanding which both countries have leveraged in stimulating the growth of their economies.

This article was written by Prince O. Williams-Joel.Esq, The Managing Partner of Prince Joel & Associates. Do not hesitate to email me if you have any enquiries: princejoel@princejoelandassociates.com

Prince Williams-Joel.
Prince Joel & Associates
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Prince Joel was born in Porthacourt, Rivers State, Nigeria. He gained admission into the prestigious University of Lagos, Nigeria; in the year 1998 to study Law, and after graduation attended the Nigerian law school Abuja. He was subsequently admitted to the Supreme Court of the Federal Republic of Nigeria as a Barrister and Solicitor. He did his internship with Babalakin & Co, a commercial law Firm in Nigeria and worked briefly as an Associate in John Jacobs & Co., Law firm. In December 2009, he started his own law firm named Prince Joel & Associates, (A Business Law Firm) and within a short period of time the firm has grown tremendously with Head office in Lagos and branches in Abuja, Porthacourt, and Owerri.Prince Joel & Associates Law firm is a knowledge- driven full business service law firm, where the latest businesses and legal legislation are utilized to promote the best interest of the client. The firm is in retainership with multinational and local companies in Nigeria and abroad. Apart from his law firm, Prince Joel is also a partner in an immigration law firm called HEDGE SOLICITORS, co-founded with his partners in the USA, UK, Europe and Canada. The immigration law firm was set up with a dream to promote exceptional immigration and expatriate management services to foreign Nationals and individuals around the globe, who are in need of immigration advice and guidance. Through his portal named www.nigeriaimmigrationlawyer.com he provides high quality information on immigration, Investment Advisory services, general legal related matters, Compliance and regulatory issues. Price Joel is an Entrepreneur to the core, a coach and a trainer. Prince Joel recently started a 24 hours, 7 days a week online based law firm called 24/7 online SME Legal Support, (sme.ibejulekkilawyer.com) with a network of over 40 lawyers, each specializing in an area of law. He offers Real Online legal services.

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