The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) that will deepen collaboration and trade ties between the United States and Nigeria.
The agreement was signed by EXIM President and Chair, Reta Jo Lewis and NEXIM Managing Director/ Chief Executive, Abba Bello.
Lewis highlighted increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.
Bello noted that the partnership is a significant milestone for Nigeria and the U.S. that will provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more robust mutually beneficial trade flows between the two countries.
According to them, the MOU, signed virtually, 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.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said 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.”
Bello added: “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.
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“We are confident that this partnership will open new avenues for economic growth and development.”
According to the parties, the MOU marks a significant milestone for the United States and Nigeria.
They believe it 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 in support of U.S. exports to sub-Saharan Africa.
EXIM) is the U.S.’ official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.
To advance American competitiveness and assist U.S. businesses as they compete 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.