WASHINGTON/LAGOS, Jan. 17 (AGCNewsNet) – The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding (MOU) aimed at enhancing trade and economic cooperation between the two countries, particularly in critical sectors such as clean energy, critical minerals, aviation, and infrastructure.

The virtual agreement was signed by EXIM President and Chair, Reta Jo Lewis, and NEXIM Managing Director/Chief Executive, Abba Bello, in a ceremony highlighting the significance of this collaboration for deepening economic ties between the U.S. and Nigeria.

Speaking at the event, Lewis underscored the opportunities for U.S. exports to Nigeria, stating, “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.”

Abba Bello echoed this sentiment, calling the partnership “a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.” He added, “This collaboration will provide increased access to trade financing for Nigerian businesses while facilitating smoother and more robust mutually beneficial trade flows between the two countries.”

The MOU aims to explore options for utilizing EXIM’s medium- and long-term loan guarantees and direct loans to finance U.S. exports to Nigeria, bolstering the competitiveness of companies in both nations. It also supports EXIM’s Sub-Saharan Africa mandate, which has seen approximately $4 billion in authorizations approved for U.S. exports to the region over the past three years.

EXIM, the United States’ official export credit agency, facilitates U.S. exports through financing solutions like credit insurance, loan guarantees, and direct loans to support American jobs. Similarly, NEXIM, wholly owned by the Nigerian government, provides finance, risk-bearing, and advisory services to promote the expansion and diversification of Nigeria’s non-oil export sector, aiming for increased foreign exchange earnings and job creation.

The MOU highlights shared objectives to enhance trade and economic growth, with a focus on sectors such as digital connectivity, maritime transport, and infrastructure. This collaboration is expected to drive economic diversification and attract foreign investment capital to Nigeria.

“This partnership will open new avenues for economic growth and development,” Bello said.

Lewis added, “We have initiated change, and this MOU is a step toward realizing the immense trade potential between our nations.”

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