Business
Export-Import Bank of the US, Nigerian Export-Import Bank Sign MoU to Strengthen Economic Cooperation and Expand Trade Ties
Joel Ajayi
The Export-Import Bank of the United States (EXIM) has signed a Memorandum of Understanding (MoU) with the Nigerian Export-Import Bank (NEXIM) to 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 the Export-Import Bank of the United States, while Abba Bello, Managing Director and Chief Executive Officer of NEXIM, signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair Reta Jo Lewis highlighted the increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation, and infrastructure.
The MoU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, particularly in sectors such as clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, among others.
Speaking at the event, EXIM President Lewis stated, “Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there is still significant potential for growth.”
“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.”
In his remarks, Managing Director and CEO Bello said, “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 pivotal moment for both the United States and Nigeria. It 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 directly supports EXIM’s Sub-Saharan Africa Mandate.”
Over the past three years, EXIM has approved approximately $4 billion in authorizations to support U.S. exports to sub-Saharan Africa.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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