Joel Ajayi
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 United States and Nigeria.
The agreement was signed by EXIM President and Chair, Reta Jo Lewis, on behalf of the Export-Import Bank of the United States, while Abba Bello, Managing Director and Chief Executive Officer of NEXIM, signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair Reta Jo Lewis highlighted the increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation, and infrastructure.
The MoU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, particularly in sectors such as clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, among others.
Speaking at the event, EXIM President Lewis stated, “Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there is still significant potential for growth.”
“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, Managing Director and CEO Bello said, “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 marks a pivotal moment for both the United States and Nigeria. It will 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.”
“This MoU directly supports EXIM’s Sub-Saharan Africa Mandate.”
Over the past three years, EXIM has approved approximately $4 billion in authorizations to support U.S. exports to sub-Saharan Africa.
