Thank you, Vice Chancellor Professor Okonedo, for the warm welcome. Your leadership and the commendable work of you and your team are truly appreciated. Pan Atlantic University is a strategic educational partner of the U.S. Mission to Nigeria.
Good afternoon, everyone. I am delighted to be here with you all today. My sincere appreciation goes to the Dean, Professor Olayinka David-West, and the entire management, staff, and students at the Lagos Business School (LBS) for inviting me to speak with you this afternoon and for the very warm welcome I have received. It is truly an honor to speak at this distinguished institution, one of Africa’s finest graduate business schools, and a beacon of innovation and entrepreneurship on the continent.
I first want to say a few words about LBS. We at the U.S. Mission in Nigeria cherish our partnership with LBS that dates back many years. My team in Lagos truly appreciates LBS’ monthly breakfast meetings. You have created a community of learning that connects people and institutions in ways that help us better understand the realities of Nigeria and identify opportunities to enhance the peace, security, and prosperity of the American and Nigerian peoples.
Dean David-West, thank you for the continued support to further the intellectual exchange at the heart of the LBS-U.S. Mission relationship, including most recently our partnership to execute our Global AI conference last September. Your leadership builds on that of Dean Ogbechie [OG-beh-CHI] and those before you who have created a remarkable institution built on international best practices.
And let’s not forget the foresight of the location we now stand on. A decade ago, LBS had the vision to move from Victoria Island to Lekki, helping pave the way to a “new Lagos” that is truly taking shape. This morning, I had the privilege of witnessing this transformation firsthand during my visit to the Lagos Free Zone. This area is home to American companies like Kellogg’s and Colgate-Palmolive, which have helped elevate the U.S.-Nigeria bilateral trade relationship to new heights. Just a couple of weeks ago, our acting Consul General visited Alaro City, located just north of the refinery. This burgeoning area is attracting investments from American companies like Mantrac/Caterpillar, further enhancing bilateral trade, investment, and opportunities for both our nations. All these visits as well as being here on campus fill me with much optimism about Trans-Atlantic connections uniting our peoples, economies, and cultures.
So let’s talk about that promise of future prosperity. As some may know already last month at Africa CEO Forum in Abidjan; chief Bureau African Affairs State Department Ambassador Troy Fitrell launched new Commercial Diplomacy Strategy Sub-Saharan Africa marking chapter U.S.-Africa relations—strategy rooted goal expanded economic opportunity deepened commercial engagement long-term mutual prosperity.
Of course any strategy starts with people; reflect briefly how far United States Nigeria come deepening people-to-people ties foundation relationship: "Nigeria world present future." African continent's populous country poised overtake United States third populous country world 2050 population projected exceed 375 million already second-largest trading partner Africa two-way trade goods services totaling nearly $13 billion 2024 terms investment remains leading foreign investors direct investment reaching $6 .5 billion 2023—a 5 .5 percent increase from 2022."
Our strong partnership built rich connections exist between countries companies entrepreneurs people: "Take companies Flutterwave Andela Esusu—they founded remarkable young Nigerians studied United States sure even more start-ups emerge minds more than 20 ,000 Nigerian students currently studying United States represent largest number students African country seventh largest worldwide Similarly Nigerians largest African diaspora group United States over 750 ,000 people Nigerian descent living underscore strategic importance policy objectives Africa."
Over decades invested billions dollars health education agriculture sectors—saving lives creating economic opportunities Today inflection point time build strength investments enter phase vibrant private sector-led growth approach clear making shift aid trade engaging nations not aid recipients capable commercial partners: "As chief African Affairs said 'Going forward continue invest development—but through expanded trade private investment because private sector—not assistance—drives economic growth.' Promoting two-way drive mutual growth nations."
As Ambassador key priority mandate increase linkages achieve goal last year Department Commerce together Ministry Industry Trade Investment signed Commercial Investment Partnership agreement five-year memorandum understanding prioritizes three pillars agriculture digital economy infrastructure one only five signed CIP officially launching discussions later Abuja working groups consisting representatives taking hard look non-tariff barriers regulatory challenges dampened governments listen learn concrete steps address challenges."
CIP process puts government business same room remove obstacles firmly believe working advance shared interests create jobs boost innovation unlock opportunities sides Atlantic Taking full advantage requires natural resources human capital stable transparent business-friendly regulatory climate When decisions where around seek markets environment rules-based predictable ready strengthen institutions frameworks attractive place colleagues counterparts across federal subnational support ongoing reforms critical attracting direct
interagency team experts includes Agriculture Trade Development Agency Finance Corporation State Commerce produced myriad events cemented commercial investments included Binational Commission focus launch Strategic Energy Dialogue hosted Commerce based pivotal role translating opportunity action leveraging information leads open market export ready led official delegations organized events brought doorstep facilitated meetings Networking program reaches across
But course heart relationships world American private driven rising global promises same Currently large operate sectors manufacturing energy consumer goods pharmaceuticals technology President Tinubu written partnership Oracle tenure governor transformed administration paved way growth prosperity grow number small medium large driving ingenuity prosperity alike aim unlock access capital market—over trillion largest globally continues rank among liquid efficient Already venture investing startups Over percent comes must continue foster enabling catalyzes collaboration needed attract high-impact Success requires asking businesses step challenge invest seize great offers policymakers create conditions stimulate recognize excellence products services asking expand knowledge order leaders stage growth
In closing reiterate committed strengthening continuing unlock potential benefit both Thank
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