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 Export Import Bank of United states, while Abba Bello, Managing Director and Chief Executive of NEXIM 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.
During the signing ceremony, EXIM President and Chair Reta Jo Lewis highlighted an increased opportunities for U.S. Exports to Nigeria in critical minerals, clean energy, aviation and infrastructure
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow.
“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,” Lewis said.
The Managing Director and Chief Executive, NEXIM bank, Abba Bello said the collaboration marked a significant milestone in 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 significant milestone for the United States and Nigeria. The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilising 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 authorisations in support of U.S. exports to sub-Saharan Africa.
