The Export-Import Bank of the United States (EXIM) has taken a significant step towards enhancing trade ties with Nigeria by signing a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM). This agreement, signed virtually, is aimed at deepening economic cooperation between the two countries, with a particular focus on sectors like clean energy, critical minerals, aviation, and infrastructure.
EXIM President and Chair, Reta Jo Lewis, and NEXIM Managing Director/Chief Executive, Abba Bello, were the signatories for their respective institutions. During the signing ceremony, both leaders emphasized the opportunities this partnership will unlock. Lewis highlighted the increased potential for U.S. exports to Nigeria in key industries such as critical minerals, clean energy, aviation, and infrastructure. She stated that Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, noting that there is significant room for growth in trade relations.
Bello, on the other hand, emphasized that the partnership would facilitate better access to trade financing for Nigerian businesses and promote more robust trade flows between the two nations. He called the MOU a milestone that would open new avenues for economic growth and strengthen trade ties.
The MOU demonstrates both countries’ shared interest in boosting trade and economic cooperation, particularly in vital sectors like clean energy, digital connectivity, and maritime transport. EXIM has already approved approximately $4 billion in authorizations over the past three years to support U.S. exports to Sub-Saharan Africa, underscoring its commitment to the region.
As part of the collaboration, EXIM will explore the use of its medium- and long-term loan guarantees and direct loans to finance U.S. exports to Nigeria. This will enhance the competitiveness of companies in both countries and strengthen their commercial ties.
EXIM, the U.S. government’s official export credit agency, works to support American jobs and businesses by facilitating exports. It provides financing solutions, including credit insurance, loan guarantees, and direct loans, to help U.S. companies compete globally. This new partnership with NEXIM aligns with EXIM’s mandate to foster growth in Sub-Saharan Africa and contribute to U.S. economic prosperity.
