US Revives Credit Guarantee Scheme To Deepen Agricultural Trade With Nigeria
Princess-Ekwi Ajide
As food security concerns and the need for stronger supply chains continue to shape global trade conversations, the United States is stepping up efforts to strengthen agricultural commerce with Nigeria through renewed financial backing for importers and banks.
The U.S. Department of Agriculture has expanded support for agricultural trade through its Export Credit Guarantee Programme, known as GSM-102, aimed at helping Nigerian banks and importers source essential agricultural inputs from the United States with government-backed credit guarantees.
Speaking at a two-day trade event in Lagos organised by the Foreign Agricultural Service of the U.S. Consulate General, U.S. Consul General, Rick Swart, described Nigeria as one of America’s most important agricultural trade partners in Africa.
He said under the Trump Administration, the U.S. is making a deliberate shift “from aid to trade,” focusing on Nigeria as a strategic commercial partner and creating an environment where entrepreneurs, investors, and innovators can thrive.
According to the U.S. Mission, two-way trade in goods and services between both countries reached nearly $15 billion in 2025, representing a 14 per cent increase from 2024. Agricultural trade alone rose sharply to $764 million, marking an 84 per cent jump from $415 million in 2024.
Senior Analyst at the U.S. Department of Agriculture, Demeteris Hale, said the GSM-102 programme reduces financial risks for lenders and exporters, helping to boost confidence and unlock new opportunities in agricultural trade.
The event also brought together officials from the U.S. Department of Agriculture, the U.S. International Development Finance Corporation, the Nigerian-American Chamber of Commerce, Nigerian banks, agricultural importers, and U.S. exporters for business-to-business discussions aimed at converting market opportunities into concrete deals.
With Nigerian banks regaining eligibility for the programme in late 2025 and credit limits already extended to selected institutions, stakeholders say the renewed access to U.S. backed trade financing could significantly strengthen Nigeria’s agricultural value chain.
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