Business
US, Nigeria to deepen trade, investment ties as America marks 250 years of independence
The United States Mission in Nigeria has reaffirmed its commitment to deepening trade, investment, security, and cultural relations with Nigeria as it marked the 250th anniversary of American Independence and Freedom in Lagos.
Speaking at the celebration, the Chargé d’Affaires at the U.S. Mission to Nigeria, Keith Heffern, said the anniversary celebrates 250 years of American history while looking ahead to the country’s future leadership in innovation and global engagement.
Mr Heffern described Nigeria as one of the United States’ most important partners in Africa, noting that economic relations between both countries have continued to expand.
“Nigeria is now the United States’ second-largest trading partner in Sub-Saharan Africa. In 2025, two-way trade between our countries reached nearly $15 billion, representing a 14 per cent increase over 2024,” he said.
He added that more than 100 US companies currently operate in Nigeria, saying the investments support jobs, economic opportunities, and growth in both countries.
According to him, one of the mission’s priorities is helping American companies succeed in Nigeria through the US-Nigeria Commercial and Investment Partnership, a five-year Memorandum of Understanding signed with Nigeria’s Ministry of Industry, Trade and Investment.
Now in its second year, Mr Heffern said the initiative has brought together nearly 50 American and Nigerian companies to remove barriers to trade and investment.
He noted that Lagos hosted the first ministerial-level meeting under the partnership in January and said cooperation is focused on the digital economy, agriculture, and infrastructure to promote long-term economic growth.
Security, Cultural Collaboration
Beyond commerce, Mr Heffern highlighted the growing security collaboration between the two countries. He noted that the National Drug Law Enforcement Agency (NDLEA), working with the US Drug Enforcement Administration (DEA), recently dismantled a major transnational criminal organisation involved in drug trafficking and money laundering.
“Efforts like this disrupt the illicit networks that undermine security, finance criminal activity, and threaten the safety and prosperity of our two nations,” the diplomat said.
Mr Heffern said cultural exchanges remain a strong pillar of the bilateral relationship, with this year’s event themed ‘Motown’ to celebrate the global influence of American music and its connection to Nigeria’s creative industry.
He said Nigerian Afrobeats stars continue to enjoy global recognition, citing Rema and Burna Boy as examples of artists who have achieved international success.
Looking ahead, he said the United States hopes to strengthen cultural and commercial cooperation through sports as it prepares to host the 2026 FIFA World Cup and the 2028 Summer Olympics.
Mr Heffern also highlighted the impact of US exchange programmes, stating that more than 14,000 Nigerians have participated in U.S. government-sponsored exchanges and now form a network of leaders contributing to stronger bilateral relations.
He further announced that construction is underway on the new US Consulate General complex in Eko Atlantic, describing it as one of America’s most significant investments worldwide and “a lasting symbol” of the U.S. commitment to Nigeria.
Earlier at the event, the US Consul General in Lagos, Rick Swart, reflected on his diplomatic career as he prepares to retire from the US Department of State at the end of July.
Mr Swart said the celebration was particularly meaningful given his experience in Lagos after serving in Mali and several other West African countries over the previous 35 years.
He acknowledged Lagos’ diversity, noting its creativity, resilience, innovation, and hospitality towards all its inhabitants.
“Of all the places Bonnie and I could have concluded our diplomatic journey, I cannot imagine a better place than Lagos, Nigeria.
“It has been the honour of my career to serve here in Lagos. The memories and friendships we have made here will stay with us long after we depart,” he said.
Partnership expansion
Also speaking, Lagos State Governor Babajide Sanwo-Olu hailed the American government, describing the United States as a country whose history has shaped global conversations for 250 years.
He said Lagos and the United States have maintained a productive relationship spanning more than six decades through partnerships in finance, technology, healthcare, education, and skills development.
He also said thousands of Nigerians have benefited from exchange programmes and innovations from the United States, expressing confidence that the partnership would create new opportunities for both countries in the years ahead.
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“That singular occasion, idea, and symbol was an act of modern history. There is no part of the world that has not heard of the United States of America. And it continues to shape the global conversation.
“And we’re indeed happy that, for us in Lagos, we have created that relationship for over six decades. We see the United States and Lagos as friends, not new friends, because Nigeria takes a bigger part in that friendship.
“And so one can’t help but feel lucky among the various recipients or beneficiaries of the exchange programmes that we’ve had over this long relationship. We’ve seen relationships in finance, technology, and health. We’ve seen skills being transferred,” Mr Sanwo-Olu said.
The governor noted that Nigeria remains one of America’s largest trading partners in Sub-Saharan Africa and expressed optimism that bilateral businesses and investment would continue to expand.
The Federal Airports Authority of Nigeria (FAAN) has rejected claims that its restrictions on e-hailing operations at airports contributed to Uber’s decision to leave Nigeria.
FAAN Managing Director, Olubunmi Kuku, said the ride-hailing company’s exit was a business decision and was unrelated to the authority’s efforts to regulate commercial transportation within airport premises.
Speaking with journalists on Friday at the Murtala Muhammed Airport in Lagos, amid renewed questions over the timing of Uber’s departure and the recent disagreement between FAAN and e-hailing operators.
Uber announced on 2 September that it was discontinuing operations in Nigeria after 12 years in the country, saying the decision followed a review of its evolving business priorities and investment focus across Africa.
PREMIUM TIMES had earlier reported that the company specifically said its exit was not related to the recent FAAN directive on e-hailing operations at Nigerian airports.
FAAN Managing Director said the airport authority had no control over Uber’s wider operations in Nigeria.
“I can’t speak to their exit from Nigeria. I’m sure they have their own economic and regulatory considerations as to why they chose to exit,” Ms Kuku said.
She added that Uber had been considering its departure for some time and that airports accounted for only a small part of the company’s activities in Nigeria.
“So, it has nothing to do with FAAN. Again, the airport is just a small part of the wider area in which they operate within Nigeria,” she noted.
Why FAAN restricted e-hailing operations
The controversy over e-hailing services at Nigerian airports began weeks before Uber’s departure.
On 30 July, FAAN directed airport managers to stop Uber and Bolt from conducting commercial operations at airports under its management pending the finalisation and execution of licence agreements with the companies.
The directive raised concerns among passengers and operators, particularly after travellers reported difficulty accessing familiar ride-hailing services and paying higher fares for alternative airport transportation.
PREMIUM TIMES reported at the time that the development also prompted Minister of Aviation and Aerospace Development, Festus Keyamo, to direct FAAN to address passengers’ concerns. Bolt subsequently reached an operational agreement with FAAN and was cleared to resume services at airports managed by the authority.
FAAN later said the directive should not be interpreted as a blanket ban on e-hailing services.
The authority said its concern was how commercial transportation activities were conducted within a highly regulated airport environment, particularly issues of passenger safety, identification, accountability and solicitation.
Ms Kuku said the authority had received several complaints, particularly during the December holiday period, about passengers’ experiences with some e-hailing and car-hire services.
She explained that the complaints included intimidation, passengers being taken to unintended locations, and other incidents that raised concerns about the ability to identify drivers and hold them accountable.
According to her, there were also cases where some e-hailing drivers allegedly operated alongside car-hire operators and charged passengers higher fares.
“We also had situations where some Uber and Bolt drivers would get out of their cars under the guise of coming into the airport as e-hailing drivers, and then join the car-hire operators to charge higher fares,” she said.
She noted that the complaints prompted FAAN to seek greater regulatory oversight of commercial transportation within its airports.
What ACHRAMS is for
The dispute also drew attention to FAAN’s Airport Car Hire Rank Management System, known as ACHRAMS.
Some passengers and industry observers had questioned whether the platform was designed to replace existing e-hailing services such as Uber and Bolt.
FAAN has repeatedly denied this.
The authority said ACHRAMS is not an e-hailing application but an airport-specific system designed to provide operational visibility, tracking, driver identification and oversight of commercial car-hire activities within FAAN-managed airports.
Ms Kuku said the system was introduced primarily to ensure passengers could identify the company and driver conveying them from the airport.
“The app that was developed was strictly focused on ensuring that passengers have visibility into who the car-hire companies are and who the driver taking them from Point A to Point B is.”
She stressed that FAAN does not operate the car-hire services or collect fares on behalf of drivers.
“FAAN does not collect money on behalf of the drivers. Those car-hire drivers are not FAAN drivers,” she said.
According to her, FAAN only provides passengers with indicative fares for their destinations, while passengers remain free to choose among pre-booked vehicles, e-hailing platforms, and car-hire services.
Dispute over liability
Ms Kuku said another major point of disagreement between FAAN and e-hailing companies was liability for drivers using their platforms, adding that the companies wanted dedicated pick-up areas at airports, which FAAN was willing to provide. Still, the authority also wanted them to accept greater responsibility for the conduct and safety of drivers operating through their platforms.
READ ALSO: Uber exits Nigeria after 12 years of operation
According to her, the companies argued that the drivers were independent contractors rather than their employees.
She said this created a difficulty for FAAN because passengers were directed to rely on the platforms’ safety features, while the companies were reluctant to accept responsibility for the drivers.
“One of the issues we were struggling with the e-hailing companies over was largely around liability clauses.”
She maintained that FAAN’s central concern was ensuring that people providing transportation within airport premises could be identified and held accountable when problems arose.
“We received a lot of complaints, especially around the December holiday period, from passengers who used some of the e-hailing services, as well as car-hire services, and had very unpleasant experiences,” she said.
Despite the dispute, FAAN has said it is not opposed to e-hailing services and wants to reach an operational framework that allows them to continue serving passengers while meeting airport safety and security requirements.
Uber, however, has now ended its 12-year presence in Nigeria, maintaining that its decision followed a review of its business priorities and was not caused by the FAAN directive.
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Dangote Refinery will open the order book for its initial public offering to retail investors on 14 September, effectively kickstarting the $1.5 billion public share sale, said to be the continent’s biggest ever, Reuters reported Friday, citing two sources who have close knowledge of the move.
Pricing will commence at any moment now at N525 per share ($0.40), with 4.1 billion shares up for subscription, the report added, noting that the sources spoke on the understanding that their identities will not be disclosed.
The crude processing plant, which holds the distinction of being the world’s largest single-train refinery, will have the latitude to sell 15 per cent of the offer size in addition to the total number of shares up for grabs in the event the transaction is oversubscribed, a source was quoted as saying.
The facility, owned by Africa’s richest man, Aliko Dangote, is ready to double nameplate capacity to 1.4 million barrels per day (bpd).
Financing will be provided by proceeds from both the planned equity sale and a private placement held in July, which raised $2.5 billion from institutional investors and high-net-worth individuals. It was 270 per cent oversubscribed.
Another refinery, the size of the current one at 700,000 bpd, is to be established in the coastal town of Lamu in Kenya, strategically conceived by the Dangote Group as the gateway to the broader East African market.
READ ALSO: Dangote Cement sets date for London capital markets day ahead of LSE listing
Last month, the group offered a 30 per cent stake in the proposed refinery to countries in the region, including Kenya, Rwanda and Ethiopia.
The groundbreaking is scheduled for this month.
Dangote Refinery is exploring a cross-border listing on the Johannesburg Stock Exchange, the continent’s foremost bourse, following a primary listing in Lagos.
The corporation said in August that a London listing, which its sister company, Dangote Cement, is actively pursuing, is not on the cards, adding that a potential listing in the UK capital is at least three years away.
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