Tag Archives: World Trade Organization

Janet Ibru: Nigeria Moves Forward As a Global Trading Partner

30 Sep

An experienced businesswoman, Janet Ibru serves as an executive manager for CASI Global Investments Corporation in Dubai. She also draws on her extensive experience in the nonprofit sector to assist in the development of an emerging university in Nigeria. She earned a master of business administration from the Kogod School of Business at American University in Washington, D.C.

Nigeria, which joined the World Trade Organization in 1995, serves as a valued trading partner for the United States, the United Kingdom, India, France, South Korea, China, and other nations. The West African country’s most vital exports are oil and natural gas, with petroleum as the source of more than 90 percent of its foreign exchange receipts. In recent years, the Nigerian government has focused on diversifying exports with agricultural and mineral products, while cocoa and lumber remain significant, as well.

Before the 1970s, agriculture represented the largest export segment for Nigeria, and it continues to employ a large number of the country’s population. The country’s main crops include sorghum, cassava, soybeans, millet, and yams. Today, nearly one-third of Nigeria’s citizens work in the agricultural industry. Many of them serve as subsistence farmers. The population also manufactures textiles, chemicals, fertilizers, and steel.

Nigeria’s chief imports include consumer goods, food products, and transportation equipment and machinery.

Nigeria is the largest sub-Saharan trading partner of the United States. Under the terms of the African Growth and Opportunity Act, it is eligible for preferred trading status. The two nations have signed significant bilateral trade and investment agreements. Nigeria is also a member of the International Monetary Fund and the World Bank.