The United States Mission in Nigeria has said that in terms of investment, the U.S. remains one of Nigeria’s leading foreign investors, with foreign direct investment reaching $6.5 billion in 2023.
The Mission said this in a post on its verified X (formerly Twitter) account on Friday, noting that the $6.5 billion in 2023 direct foreign investment by the U.S. in Nigeria was a 5.5 per cent increase from the 2022 record.
“In terms of investment, the United States remains one of Nigeria’s leading foreign investors, with foreign direct investment reaching $6.5 billion in 2023—a 5.5 percent increase from 2022,” the Mission stated.
The Mission, however, said that in 2024, Nigeria became the United States’ second-largest trading partner in Africa, with two-way trade in goods and services totalling nearly $13 billion.
“Nigeria is already the United States’ second-largest trading partner in Africa, with two-way trade in goods and services totaling nearly $13 billion in 2024,” the statement read.
This comes amid a mixed atmosphere between the President Donald Trump-led U.S. government and the President Bola Tinubu-led Nigerian government, following the recent announcement by the U.S. Department of State of strict visa rules.
These rules limit non-immigrant and non-diplomatic visas issued to Nigerian citizens to only three months, with a single entry.
The U.S. government said that the policy shift is expected to affect thousands of Nigerian students, businesspeople, tourists, and families who frequently travel to the U.S. for various purposes.
Those who already hold valid U.S. non-immigrant visas issued before July 8, 2025, will not be affected, as their visas will retain their original status and validity.
The policy ignited a widespread public debate and concern over the timing and motivation behind the shortened visa validity period.
Some observers had speculated that the decision was linked to Nigeria’s increasing diplomatic and economic ties with alternative blocs, such as BRICS, or its recent immigration policy reforms.
There were also reports that Nigeria’s rejection of a U.S. request to take in asylum seekers is a key reason behind the recent visa restrictions slapped on the country by President Trump’s administration.
It was reported that diplomatic sources revealed that Nigeria’s refusal to sign a controversial agreement to host asylum seekers from the U.S played a major role in triggering the visa clampdown announced by the Trump administration.
It was learned that the U.S. had been pressuring several countries, especially in Africa and Central America, to serve as temporary dumping grounds for migrants and asylum seekers whose applications are pending in the U.S., a process that can drag on for as long as seven years.
This was also corroborated by the Nigerian Foreign Affairs Minister Yusuf Tuggar when he appeared on Channels Television’s Politics Today programme on July 10, 2025.
Tuggar said Nigeria had enough challenges of its own and would not be a dumping ground for Venezuelan prisoners deported from the US amid Trump’s crackdown on undocumented migrants.
However, the U.S. Mission in Nigeria issued an official statement denying the speculation, stating that the change was not influenced by political alignments or recent policy shifts involving other nations, but rather is part of a broader, ongoing global review.
According to the Mission, the decision stems from a technical and security-based evaluation intended to strengthen the integrity of the U.S. immigration system.