EXIM, Nigeria sign MOU to strengthen U.S -Nigeria trade ties

The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have entered a strategic memorandum of understanding (MOU) to deepen trade and economic collaboration between the United States and Nigeria.

The agreement was signed by EXIM President and Chair Reta Jo Lewis and NEXIM Managing Director/CEO Abba Bello, marking a pivotal step in fostering trade relations between the two nations.

During the virtual signing ceremony, Chair Lewis emphasized the growing opportunities for U.S. exports to Nigeria, particularly in sectors such as clean energy, critical minerals, aviation, and infrastructure. She remarked, “Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there is still significant potential to expand this relationship. This MOU sends a strong signal that EXIM is committed to supporting U.S. exports in key sectors.”

Abba Bello highlighted the importance of the partnership, stating, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States. It will enhance access to trade financing for Nigerian businesses and foster mutually beneficial trade flows between the two countries.”

The MOU aims to promote trade and economic cooperation by leveraging EXIM’s medium- and long-term loan guarantees and direct loans to finance U.S. exports to Nigeria. Key sectors identified for growth include clean energy, aviation, maritime transport, digital connectivity, and infrastructure.

EXIM’s support for Sub-Saharan Africa has been significant, with approximately $4 billion in authorizations for U.S. exports to the region over the past three years.

As the official export credit agency of the United States, EXIM is dedicated to advancing American competitiveness, supporting jobs, and facilitating global sales through financing tools such as credit insurance, loan guarantees, and direct loans.