The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a landmark memorandum of understanding (MoU) aimed at fostering deeper trade collaboration and economic ties between the United States and Nigeria.
During a virtual ceremony, the agreement was signed by EXIM President and Chair, Reta Jo Lewis, and NEXIM Managing Director/Chief Executive, Abba Bello.
Strategic Focus Areas
Speaking at the event, Chair Reta Jo Lewis emphasized the opportunities for U.S. exports to Nigeria in key sectors, including clean energy, critical minerals, aviation, and infrastructure.
“Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there is still significant potential for growth,” said Lewis. “This MoU sends a clear signal that EXIM is committed to strengthening commercial ties by supporting U.S. exports in critical sectors.”
Abba Bello described the agreement as a major milestone that will enhance access to trade financing for Nigerian businesses while fostering mutually beneficial trade flows between the two nations.
“This collaboration represents a significant step forward in strengthening trade ties between Nigeria and the United States,” Bello noted. “We believe this partnership will unlock new opportunities for economic growth and development.”
Promoting Bilateral Trade
The MoU underscores a shared commitment to promoting trade and economic cooperation, with a focus on sectors such as clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure.
Key elements of the agreement include:
- Exploring financing options through 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 countries by improving access to trade financing.
- Strengthening collaboration to identify new opportunities for mutual economic growth.
Advancing EXIM’s Sub-Saharan Africa Mandate
The MoU aligns with EXIM’s mandate to expand trade opportunities in Sub-Saharan Africa. Over the past three years, EXIM has approved approximately $4 billion in authorizations to support U.S. exports to the region.
EXIM, as the official export credit agency of the United States, plays a vital role in advancing American economic interests. By offering financing solutions such as credit insurance, working capital guarantees, loan guarantees, and direct loans, EXIM helps U.S. businesses compete globally and supports tens of thousands of jobs in exporting industries and their supply chains.
Strengthening Economic Ties
The partnership between EXIM and NEXIM marks a significant milestone in U.S.-Nigeria relations, promising to create new avenues for trade and investment while driving economic growth in both nations.
This collaboration reflects a mutual commitment to advancing global competitiveness and fostering sustainable development through enhanced trade relations.
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