Nigerian-American Chamber of Commerce president prioritises access to market, growth for SMEs

Nigerian-American new President, Sheriff Balogun has rolled out his plans, prioritising the growth of small and medium-sized enterprises by offering targeted training programmes, facilitating market access and supporting international trade endeavours.

Balogun who spoke to the media prior to his inauguration on April 12, 2025 in Lagos said he will establish a dedicated group within the 65 year old chamber to guide members in accessing international markets, particularly leveraging the African Growth and Opportunity Act (AGOA) benefits and utilising ware-housing facilities in Miami.

“Within the initial months of my tenure, we aim to introduce financing options for members’ import and export ventures at competitive interest rates through our established networks”, he said.

The Nigerian-American chamber president also intends to actively engage with the Federal Government’s AGOA implementation strategy and addressing SME challenges within the national economic and security framework.

He also intends to collaborate with various regions to identify key crops that meet international standards, thereby facilitating access to intervention funds and export opportunities.

Balogun said that as tariffs issues change trade dynamics among Western and European countries, Nigeria which has abundant resources has to watch this closely. “We have to be strategic and be careful about the way we open up”.

He believed that foreign investors that are entering Nigeria should think of processing the raw materials here and set up manufacturing factories in the country.

He said over the years, the chamber has fostered Nigerian-American economic relations through various activities, becoming a veritable platform for driving private sector development in both Nigeria and America.

The American chamber of commerce has long been a beacon of excellence, fostering robust trade relationships, and serving as a catalyst for economic growth, he said.

He said the chamber is directing foreign investors to opportunities in agriculture and mining in Nigeria.

“Everything that you want to do comes from the soil, either agriculture or mining. And Nigeria is placed in those two areas. We have over 84 million hectares of land in Nigeria. We’re cultivating just barely 30 percent. And our soil is very rich, untainted, and presents opportunity to grow so many products”, he said.

Emphasising the opportunities in agriculture, he noted that Nigeria is the largest cassava producer in the world. We have opportunity there and the U.S. also is the biggest pharmaceutical market. The raw material for production of tablets is in cassava starch, he said.

The meeting with his executives and the media held Monday in Lagos was to about the upcoming combined inauguration of the President, awards, and celebration of the 65th anniversary of the Nigerian- American chamber of Commerce.

He said the event scheduled for April 12, 2025 promises to be ground breaking as array of guests, across the Nigerian and the American socioeconomic sector, public sector, private sector, social enterprise sector will all be represented at the dinner.

Balogun who said that the chamber is preparing its permanent site said the chamber presently has over 165 membership strength. The membership is growing as the chamber is receiving more applications for membership, he said.