Nigeria, US Export-Import sign pact to boost key economic sectors

The Export-Import Bank of the United States (EXIM) yesterday signed a memorandum of understanding (MoU) with the Nigerian Export-Import Bank (NEXIM) that will 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.

A statement by the (NEXIM) stated that “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.

“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.”

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The Managing Director and Chief Executive Bello noted that, “The 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.”

“This MOU contributes directly to EXIM’s Sub-Saharan Africa Mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa,”