The Nigerian Export-Import Bank and the Export-Import Bank of the United States signed a Memorandum of Understanding on Thursday to strengthen trade relations between the two countries.
The agreement was signed by the President/Chair of US EXIM, Reta Jo Lewis,
on behalf of the US bank, and the Managing Director/Chief Executive of NEXIM Bank, Mr. Abba Bello, on behalf of Nigeria.
The agreement highlights a mutual commitment to fostering trade and economic cooperation between the two countries, focusing on sectors such as clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, among others.
Lewis said, “Nigeria is the second largest US export destination in Sub-Saharan Africa, but there is so much opportunity to grow.
“This MoU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting US exports in key sectors.”
Bello said, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States. We are confident that this partnership will open new avenues for economic growth and development.”
The MoU marks a significant milestone for both the United States and Nigeria, aiming to boost the competitiveness of companies in both nations and strengthen collaboration.
It will explore the use of EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
This agreement also aligns with EXIM’s Sub-Saharan Africa Mandate. Over the past three years, EXIM has approved approximately $4 billion in authorizations to support U.S. exports to sub-Saharan Africa.
EXIM, the official export credit agency of the United States, is dedicated to supporting American jobs by promoting U.S. exports.
To enhance American competitiveness and help U.S. businesses compete in global markets, EXIM provides financing solutions such as export credit insurance, working capital guarantees, loan guarantees, and direct loans.
Similarly, NEXIM, fully owned by the federal government, is tasked with providing financing, risk management, and advisory services to registered Nigerian companies. Its focus is on expanding, diversifying, and developing the non-oil export sector to boost foreign exchange earnings, create jobs, and foster rapid economic growth in the country.
