The Nigerian Export-Import Bank (NEXIM) has signed a memorandum of understanding (MOU) with the Export-Import Bank of the United of America (EXIM) that is expected to deepen collaboration and trade ties between the United States and Nigeria.
The agreement was signed by president and chair of EXIM, Reta Jo Lewis on behalf of the United States, while managing director and chief executive of NEXIM Bank, Abba Bello signed on behalf of Nigeria.
Both Lewis and Bello say the MoU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, amongst others.
During signing ceremony, EXIM’s president highlighted increased opportunities for US exports to Nigeria in 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,” 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.”
His Nigeria counterpart, Bello calls the partnership a significant milestone for Nigeria and the US. “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,” Mr Bello stated.
The MoU is designed to enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilizing EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
The new development will contribute directly to EXIM’s Sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa.
EXIM is the US’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.
