The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) to deepen collaboration and trade ties between the Two Countries.
Exim President and Chair Reta Jo Lewis signed the agreement for the Export-Import Bank of the United States. In contrast, Abba Bello, Managing Director/ Chief Executive of NEXIM, signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair Reta Jo Lewis highlighted increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation, and infrastructure.
Also, NEXIM MD/CE Abba Bello highlights that the partnership is a significant milestone for Nigeria and the US. It will provide increased access to trade financing for Nigerian businesses while facilitating smoother and more robust mutually beneficial trade flows between the two countries.
The MOU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors such as clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said Chair Lewis.
“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.”
In his remarks, the MD/CE NEXIM noted, “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, signed virtually, marks a significant milestone for the United States and Nigeria.
The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilising EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
This MOU contributes directly to EXIM’s sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorisations to support U.S. exports to sub-Saharan Africa.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency. Its mission is to support American jobs by facilitating U.S. exports.
To advance American competitiveness and assist U.S. businesses in competing for global sales, EXIM offers financing, including credit insurance, working capital guarantees, loan guarantees, and direct loans.
As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
