Export-Import Bank of the United States and Nigerian Export-Import Bank Sign Memorandum of Understanding to Strengthen Economic Cooperation and Expand Trade Ties
NEXIM Managing Director and Chief Executive Abba Bello Calls the Partnership a Significant Milestone for Nigeria and the US
WASHINGTON, DC and ABUJA – Yesterday, the Export-Import Bank of the United States (EXIM) 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.
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.”
The Managing Director and Chief Executive Bello 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 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 utilizing 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 authorizations in support of U.S. exports to sub-Saharan Africa.
ABOUT EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.
ABOUT NEXIM:
The Nigerian Export-Import Bank (NEXIM), which is wholly owned by the Federal Government of Nigeria, was established by Act 38 of 1991 as an Export Credit Agency (ECA) and Export Development Bank. Its mandate is to provide Finance, Risk Bearing and Advisory Services to duly registered companies in Nigeria towards the Expansion, Diversification and Development of the Non-Oil Export Sector in furtherance of increased foreign exchange earnings, jobs creation and rapid economic development of the country. The Bank also complements in attracting foreign investment capital through availment of concessional lines of credit, co-financing arrangements and facilitation of buyers’ / suppliers’ credits. More information can be obtained at www.neximbank.com.ng.