On January 17, 2025, the Export-Import Bank of the United States (EXIM) signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM), aiming to deepen trade and economic relations between the two countries.
Thank you for reading this post, don't forget to subscribe!The agreement was formalized by Reta Jo Lewis, President and Chair of EXIM, and Abba Bello, Managing Director/CEO of NEXIM. This collaboration is expected to enhance trade in key sectors such as clean energy, aviation, infrastructure, and critical minerals, among others.
EXIM President Reta Jo Lewis emphasized that the MOU would open up new opportunities for U.S. exports to Nigeria, a major trade partner in Sub-Saharan Africa. Despite a trade deficit of $1.4 billion in 2024, with U.S. exports to Nigeria totaling approximately $3.88 billion and imports amounting to $5.29 billion, Lewis stated, “This agreement highlights EXIM’s commitment to boosting a stronger and more dynamic commercial relationship with Nigeria, particularly in areas with significant growth potential.”
Abba Bello, NEXIM’s MD/CEO, welcomed the MOU as a major step toward improving access to trade financing for Nigerian businesses while promoting smoother trade flows between the two countries. He expressed confidence that this partnership would pave the way for economic growth and mutual benefits for both nations.
The agreement also aims to increase competitiveness for companies in both countries through financing options such as EXIM’s medium- and long-term loan guarantees and direct loans to support U.S. exports to Nigeria. Over the past three years, EXIM has authorized about $4 billion to support U.S. exports to Sub-Saharan Africa.
As the official export credit agency of the U.S., EXIM plays a key role in facilitating U.S. exports and supporting American jobs through tools like credit insurance, working capital guarantees, and loan guarantees. This collaboration with NEXIM marks a significant milestone in strengthening the U.S.-Nigeria economic partnership.
