EXIM, NEXIM partner to boost U.S.-Nigeria trade ties

Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have commenced a partnership by signing 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 the Exim President and Chair, Reta Jo Lewis, on behalf of EXIM of United States, while the Managing Director/Chief Executive of NEXIM, Abba Bello, signed on behalf of the Nigerian Export-Import Bank.

During the signing ceremony, Reta Jo Lewis highlighted increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.

Also, Abba Bello noted that the partnership was a significant milestone for Nigeria and the US that would provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more 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 Lewis.