Kehinde Fajobi
The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding (MOU) to strengthen trade and economic collaboration between the two nations.
EXIM President and Chair, Reta Jo Lewis, and NEXIM Managing Director/Chief Executive, Abba Bello, signed the agreement during a virtual ceremony.
Chair Lewis expressed optimism about the opportunities for U.S. exports to Nigeria in sectors like critical minerals, clean energy, aviation, and infrastructure.
“Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” she said.
“This MOU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting U.S. exports in key sectors.”
Bello described the partnership as a milestone for both countries.
“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,” he remarked.
The agreement aims to promote trade in clean energy, aviation, maritime transport, digital connectivity, and other critical sectors. It will also enhance access to financing for Nigerian businesses while improving trade flows.
The MOU aligns with EXIM’s Sub-Saharan Africa mandate, under which it has approved $4 billion in authorisations for U.S. exports to the region over the past three years.
EXIM, the United States’ official export credit agency, provides financing solutions such as credit insurance, working capital guarantees, and direct loans to support American exports and create jobs.
This collaboration is expected to boost the competitiveness of businesses in both nations and strengthen economic ties.