The Nigerian-American Chamber of Commerce (NACC) has applauded the signing by United States President, Donald Trump of the Continuing Appropriations and Extensions Act, 2027, which extends the African Growth and Opportunity Act (AGOA) through December 31, 2028.
The legislation preserves duty-free access to the United States market for Nigeria and 31 other sub-Saharan African countries, providing businesses across the region with greater certainty as they plan investments, production and exports.
The measure passed the United States Senate by 90 votes to six and the House of Representatives by 340 votes to 54.
In a statement, the NACC commends President Trump, the United States Congress, particularly Congressman Jason Smith and Senator Raphael Warnock, as well as the African Union, for their sustained engagement in support of the continuation of AGOA.
NACC National President, Sheriff Balogun, said the extension presents Nigeria with a valuable opportunity to strengthen its export base and attract new investment.
“This extension gives Nigeria the certainty needed to invest and expand our exports. But we must use these twenty-eight months to move beyond oil. Nigeria is the second-largest AGOA beneficiary, yet we’re underutilising it. We need to diversify into agricultural products, textiles, processed foods and manufactures where we have real advantage.”
The Chamber stressed that the extension should be viewed as an opportunity for Nigeria to address the structural challenges that have limited the country’s ability to take full advantage of preferential access to the US market.
“The NACC is therefore calling on the federal government, the private sector and state governments to take coordinated and practical steps during the extension period. We urge stakeholders to diversify Nigeria’s AGOA exports beyond crude oil by developing and promoting agricultural products, textiles, processed foods and manufactured goods with the potential to compete in the US market,” it said.