U.S. And Nigeria Export-Import Banks Forge Stronger Trade Partnership

The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a groundbreaking memorandum of understanding (MOU) aimed at boosting trade relations between the two nations.

Reta Jo Lewis, President and Chair of EXIM, signed the agreement on behalf of the U.S. Export-Import Bank, while Abba Bello, Managing Director and CEO of NEXIM, represented the Nigerian Export-Import Bank.

Strengthening Trade Opportunities

During the signing ceremony, EXIM President Reta Jo Lewis emphasized the growing potential for U.S. exports to Nigeria in key sectors such as critical minerals, clean energy, aviation, and infrastructure. She expressed confidence that the MOU would create significant opportunities for U.S. businesses, enhancing their presence in these crucial industries.

NEXIM’s Managing Director, Abba Bello, also highlighted the importance of the agreement, calling it a key milestone in strengthening trade ties between Nigeria and the U.S. He noted that the collaboration would provide Nigerian businesses with greater access to trade financing and facilitate smoother trade flows between the two countries.

Collaboration for Growth and Economic Development

The MOU reflects both nations’ commitment to fostering stronger trade and economic cooperation, particularly in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure. The partnership is expected to generate new opportunities for mutual growth.

“Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there’s still so much room to expand,” said Chair Lewis, signaling the immense untapped potential for increased trade between the countries.

A Promising Future for U.S.-Nigeria Trade

The collaboration will also focus on using EXIM’s medium- and long-term loan guarantees or direct loans to support U.S. exports to Nigeria, enhancing the competitiveness of businesses in both nations. This partnership aligns with EXIM’s mission to foster economic growth and job creation by supporting U.S. exports.

EXIM’s Commitment to Sub-Saharan Africa

This MOU directly supports EXIM’s mandate to promote trade in Sub-Saharan Africa. Over the past three years, EXIM has approved around $4 billion in authorizations to assist U.S. exports to the region, reinforcing its role in advancing American economic interests.

About EXIM

The Export-Import Bank of the United States (EXIM) is the country’s official export credit agency. EXIM supports American jobs by facilitating U.S. exports through various financing options, including credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM plays a crucial role in contributing to U.S. economic growth and supporting businesses and supply chains across the nation.