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The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have forged a strategic partnership through a Memorandum of Understanding (MOU), aimed at strengthening bilateral trade relations and fostering increased economic cooperation between the two countries.
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/Chief Executive of NEXIM signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair, Reta Jo Lewis, highlights increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation, and infrastructure.
Also, NEXIM MD/CE, Abba Bello, noted that the partnership is a significant milestone for Nigeria and the US 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.
He said the development demonstrated 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 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.”
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 Guardian reports that the MOU, signed virtually marks a significant milestone, as it will enhance the competitiveness of companies in both countries 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.
