UK Government’s export credit agency doubles appetite limit for Nigeria to £1.25bn

UK Export Finance (UKEF), the export finance agency of the UK government recently confirmed that it has doubled the country limit for UK companies wanting to do business with Nigeria from £750m to £1.25billion.

A statement from the UK Department for International Trade and made available to BusinessDay stated that UKEF had also entered into a strategic partnership with the Nigeria Export -Import Bank (NEXIM) on plans to forge stronger relationships in promoting investment, regional and global trade between Nigeria and the United Kingdom, signing an MOU that will foster greater co-operation in trade through co-financing in the form of guarantees and insurance.

Her Majesty’s Trade Commissioner for Africa at the UK Department for International Trade, Emma Wade-Smith said: “Nigeria is the UK’s 38th largest trading partner in the world and one of our most strategically important markets on the African continent. The UK’s finance-led export and investment promotion work, supported by the work of UKEF, supports more deals to drive greater value to the UK economy and is instrumental in supporting African markets, such as Nigeria to grow. That’s why I am particularly excited about this MOU agreement between UKEF and NEXIM as it demonstrates the UK government’s long-term commitment to our trading partnership with Nigeria.”

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Abba Bello, MD of NEXIM bank said: “NEXIM is delighted with this collaboration and transactional partnership opportunity that will further foster commercial exchanges between the countries as well as promote cooperation on technical assistance related to trade towards broadening Nigeria’s export basket, especially of value-added services and solid minerals in line with President Muhammadu Buhari’s administration ERGP strategic objectives of economic diversification and building of a globally competitive economy.”

Both parties have committed to working together to identify opportunities for exporters in the UK and Nigeria, as well as in third party countries outside of Nigeria.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.