Mathew Amaechi
In a landmark move, the Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding (MOU) to strengthen economic cooperation and growth between the two nations. The agreement promises to unlock new opportunities for US exports to Nigeria, particularly in critical minerals, clean energy, aviation, and infrastructure.
EXIM President and Chair, Reta Jo Lewis, highlighted the significance of the deal, emphasizing the potential for increased US exports to Nigeria. On the other hand, NEXIM MD/CE, Abba Bello, welcomed the partnership as a major milestone for both countries, noting that it will provide Nigerian businesses with greater access to trade financing and facilitate smoother trade between the two nations.
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.
“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 MOU, signed virtually, marks a significant milestone for the United States and Nigeria. This development is expected to have a positive impact on Nigeria’s economy, creating new opportunities for businesses and entrepreneurs. As Nigeria is the second-largest US export destination in Sub-Saharan Africa, this deal is poised to take the bilateral trade relationship to the next level.