US, Nigeria banks partner on agriculture export

The United States of America, the Bank of Industry and some commercial banks in Nigeria, on Tuesday in Lagos, agreed to partner to boost agricultural export from the country to the U.S. market.

The partnership appears to be the icing on the federal government's efforts to rejuvenate the non-oil sector, particularly agriculture, following dwindling revenues from oil and the global economic meltdown.

The U.S. Ambassador to Nigeria, Robin Sanders, at the beginning of a two-day workshop organised by the embassy in collaboration with some Nigerian banks said the programme focuses on building a partnership on trade, industry and commerce between the two countries.

Ms. Sanders, addressing participants at the Agricultural Capacity Building and Financing workshop, said emphasised "the need for partnership in a range of areas, from commerce to industry to trade."

She said the US will be providing technical assistance on how to operate in the global market.

"We have specialists from several US government agencies with a range of expertise and programmes focused on agriculture exports, agricultural development, trade, and financing to help agribusinesses succeed in a competitive global market," she said.

The organisers say the partnership is coming under the African Growth opportunity Act (AGOA), and will encourage the financing and export of agricultural produce from Nigeria to the US.

"The US will teach us all we need to know on how to make our product available and acceptable to the US market and this will help improve the economy and shift our focus from oil," Evelyn Oputu, the managing director of the Bank of Industry said.

She added that the programme will encourage commercial agriculture in the country.

Participants at the workshop will be trained on the export opportunities in the agriculture sector and how it can be harnessed, financed and packaged for an easy acceptance in the American market.

The objective of the training is to enhance better utilisation of the AGOA resources and have greater access to the US market, leading to the relocation of the AGOA Resource Centre at the Bank of Industry complex, hitherto located at the Nigerian-American Chamber of Commerce.

"AGOA Centre will serve as an all-purpose business centre for Nigerian companies wishing to do business with the U.S. either as an importer or exporter," the organisers said.

AGOA was initiated by the United States to boost the growth of African economy. The programme offers duty-free clearance entry of 6,400 products to be exported from Africa to the American market.

Items under concession include agricultural produce and textiles, which Nigerians have not fully utilised unlike their neighbouring African countries.