Sunday, 17 June 2012 00:00

Written by DELE ALAO

NIGERIA topped the list of countries that exported crude oil into the US by $33.7 billion in 2011, a figure, which represented about 99.9 per cent; while the non-oil produce represented 0.45 per cent.

The Economic Counsellor at the US Embassy in Abuja, Perry Bell, who gave the volume of the two-way trade under the African Growth and Opportunity Act (AGOA), added that the country that came close to Nigeria in oil export was Angola, with $13.5 billion worth ofcrude.

"The top supplier is Nigeria. So, you can say that Nigeria is the largest beneficiary of AGOA, but it is predominately oil," he said, He said that the US was considering extending the opportunity of AGOA to other parts of the world under the World  Trade   Organisation
(WTO).

The implication, he said would be stiffer competition between Africa and other producers for the same market. Africa has unilateral access to the US, which is the most generous access into the largest economy of the world."

Furthermore, he said the country exported $44.3 billion worth of goods to the United States (US) in the past 10 years, under the Act.

The US has, however, urged Nigeria to increase the export profile ahead of the AGOA programme's extension to Asian countries, which may pose stiffer competition against African countries.

Bell, who said Nigeria was the biggest beneficiary of the AGOA Act, said it would be good if the country can reduce its dependence on oil and diversify into other products, especially agricultural produce.