The United States has strengthened its agricultural trade engagement with Nigeria through the expansion of the U.S. Department of Agriculture’s Export Credit Guarantee Program, known as GSM-102, aimed at improving access to financing for agricultural imports.
The initiative, announced by the Public Diplomacy Section of the U.S. Consulate General in Lagos, provides U.S. government-backed credit guarantees that enable Nigerian banks and importers to more easily purchase essential agricultural commodities from American suppliers.
Speaking at a two-day event in Lagos, U.S. Consul General Rick Swart described Nigeria as one of America’s most significant agricultural trade partners in Africa, noting a strategic shift toward a trade-focused relationship.
“Under the Trump Administration, we are making a clear shift from aid to trade,” Swart said. “We are engaging Nigeria as an outstanding and unique commercial partner.
That means we are looking for real-world solutions that foster the kind of business environment that enables entrepreneurs, innovators, and investors to build the future of U.S.-Nigeria commerce.”
He added that the program is designed to deepen agricultural cooperation, strengthen food supply chains, and expand commercial opportunities for both countries.
Trade ties approach $15 billion
Swart also disclosed that total U.S.-Nigeria trade in goods and services rose to nearly $15 billion in 2025, representing a 14 percent increase from the previous year.
Agricultural trade played a major role in this growth, rising sharply to $764 million—an 84 percent jump from $415 million in 2024—highlighting Nigeria’s growing importance as a trade partner.
The U.S. Mission, he said, remains committed to expanding agricultural exports, supporting Nigerian agribusinesses, and deepening private-sector collaboration.
“We remain committed to expanding agricultural trade, strengthening commercial ties with Nigerian agribusinesses, supporting private sector growth, and deepening economic engagement,” he added.
Strengthening financing and market access
Also speaking, Senior Analyst for Africa, Middle East, Türkiye, Caucasus, and Central Asia at the U.S. Department of Agriculture, Demeteris Dee Hale, explained that GSM-102 plays a key role in reducing financial risk and encouraging trade.
“At its core, GSM-102 strengthens market confidence by reducing risk, enabling lenders and exporters to move forward with transactions and expand into new opportunities,” Hale said. “We are here to work with financial institutions, importers, exporters, and other stakeholders to build stronger linkages and drive increased agricultural trade.”
According to the statement, Nigerian banks were re-admitted into the GSM-102 program in late 2025, restoring their eligibility to access U.S.-backed trade financing. Credit limits have since been extended to selected Nigerian financial institutions, further boosting agricultural trade flows between both countries.
Throughout the event, participants examined how the program could improve Nigerian access to U.S. agricultural markets, enhance food security, and generate employment opportunities across both economies.
The forum also featured business-to-business engagements between Nigerian and U.S. stakeholders aimed at converting trade discussions into concrete commercial deals.
Participants included officials from the U.S. Department of Agriculture, the U.S. International Development Finance Corporation, the Nigerian-American Chamber of Commerce, American agricultural exporters, Nigerian banks, and agribusiness importers.
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