April 27, (THEWILL) — The United States has stepped up efforts to strengthen agricultural trade with Nigeria by expanding support under the Export Credit Guarantee Program (GSM-102), managed by the U.S. Department of Agriculture.
The GSM-102 program offers U.S. government-backed credit guarantees, enabling Nigerian banks and importers to finance the purchase of critical agricultural commodities and inputs from the United States.
The initiative is designed to improve access to financing, stabilize food supply chains, and unlock new commercial opportunities for businesses in both countries.
Bilateral trade between the U.S. and Nigeria continues to grow steadily, reaching nearly $15 billion in goods and services in 2025 an increase of 14 percent from 2024.
Agricultural trade has played a significant role in this expansion, rising sharply to $764 million, up from $415 million the previous year.
To boost awareness and usage of GSM-102, the Foreign Agricultural Service of the U.S. Consulate General organized a two-day forum in Lagos.
The event convened stakeholders including representatives from the U.S. International Development Finance Corporation, Nigerian-American Chamber of Commerce, financial institutions, agribusinesses, and exporters.
Speaking at the event, U.S. Consul General Rick Swart подчеркнул Nigeria’s strategic importance as an agricultural partner, noting a policy shift toward trade-driven engagement.
Participants explored practical ways to leverage GSM-102 to enhance food security, expand market access, and generate employment, while business-to-business meetings aimed to translate discussions into tangible trade deals.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
