The United States has stepped up efforts to boost agricultural trade with Nigeria through the revitalisation of the U.S. Department of Agriculture’s Export Credit Guarantee Programme (GSM-102).
The programme offers U.S. government-backed credit guarantees, providing Nigerian banks and importers with improved access to financing for sourcing critical agricultural inputs from the United States.
Officials say the move is aimed at strengthening U.S.-Nigeria agricultural trade, enhancing food supply chain reliability, and expanding commercial opportunities for both countries.
Recent trade figures highlight growing economic ties between the two nations. Bilateral trade in goods and services reached nearly $15 billion in 2025, representing a 14 per cent increase from 2024. Agricultural trade has been a key driver, rising sharply to $764 million—an 84 per cent jump from $415 million recorded the previous year.
To drive awareness and uptake of the programme, the Foreign Agricultural Service of the U.S. Consulate General convened a two-day stakeholder forum in Lagos. The event brought together officials from the U.S. Department of Agriculture, the U.S. International Development Finance Corporation, the Nigerian-American Chamber of Commerce, U.S. exporters, Nigerian banks, and agricultural importers.
Speaking at the opening session, U.S. Consul General Rick Swart described Nigeria as one of the United States’ most strategic agricultural trade partners in Africa.
He said the current U.S. approach prioritises commercial engagement over aid. According to him, the focus is on fostering a business environment that supports entrepreneurs, investors, and innovation in bilateral trade.
Participants at the forum examined how the GSM-102 programme could help Nigerian businesses access U.S. markets, strengthen food security, and create jobs across both economies. The event also featured business-to-business meetings aimed at converting trade opportunities into tangible deals.
Also speaking, Demeteris Hale, a senior analyst at the U.S. Department of Agriculture, said the programme plays a critical role in reducing transaction risks and boosting market confidence.
He noted that GSM-102 enables lenders and exporters to expand into new markets while supporting stronger linkages among financial institutions, importers, and exporters.
In late 2025, Nigerian banks regained eligibility to participate in the GSM-102 programme. Since then, selected banks have received credit limits, restoring access to U.S.-backed trade financing and further accelerating agricultural trade between both countries.
