The Export-Import Bank of the United States (EXIM) and their Nigerian counterparts, the Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding (MOU) 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 on behalf of the Export Import Bank States, while Managing Director/Chief Executive of NEXIM, Abba Bello,
signed on behalf of the Nigerian Export-Import Bank.
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.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said EXIM Chairman 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.”
The MD/CE NEXIM in his own remarks noted that, “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 agreement 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 contributes 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.