In a major international trade development, the Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a Memorandum of Understanding (MOU) to deepen collaboration. This partnership will provide Nigerian businesses with greater access to trade financing while enhancing economic cooperation between the two countries.
The agreement was signed by Reta Jo Lewis, President and Chair of EXIM, representing the United States, and Abba Bello, Managing Director and CEO of NEXIM, representing the Nigerian Export-Import Bank.
During the signing, Reta Jo Lewis emphasized opportunities for U.S. exports to Nigeria in sectors such as critical minerals, clean energy, aviation, and infrastructure. Abba Bello described the partnership as a significant milestone, noting that it would enhance access to trade financing for Nigerian businesses and foster smoother, mutually beneficial trade flows.
Abba Bello emphasized that the partnership marks an important milestone for Nigeria and the United States, as it will improve access to trade financing for Nigerian businesses and foster more seamless and mutually advantageous trade relations between the two countries.
Chair Lewis highlighted Nigeria’s position as the second-largest U.S. export destination in Sub-Saharan Africa, noting the vast potential for growth. She stated, “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.”
The MOU aims to boost the competitiveness of businesses in both countries by leveraging EXIM’s medium- and long-term loan guarantees and direct loans to finance U.S. exports to Nigeria. It also aligns with EXIM’s commitment to supporting trade in Sub-Saharan Africa, with the agency approving around $4 billion in export financing for the region over the past three years.
