BY: AYO AGBEOLUWAYE
Lagos—The United States has expanded support for agricultural trade through the U.S. Department of Agriculture’s Export Credit Guarantee Program, known as GSM-102 aim at providing U.S. government-backed credit guarantees which serves an important tool for Nigerian banks and importers to use when sourcing essential agricultural inputs from the United States.
The programme also supports U.S. efforts to strengthen U.S.-Nigeria agricultural trade, build more reliable food supply chains, and increase commercial opportunities for both countries.
United States Consular General in Nigeria, Mr. Rick Swart disclosed this at a two day event in Lagos hosted by the United States Consular office in Lagos which brought together officials from the U.S. Department of Agriculture, U.S. International Development Finance Corporation, Nigerian-American Chamber of Commerce, representatives of U.S. agricultural exporters, Nigerian banks, and agricultural importers.
Mr. Swart noted that Nigeria is one of the United States’ most important agricultural trade partners in Africa with strong and growing economic partnership reaching nearly $15 billion in 2025, stressing that Agricultural trade has been a major contributor to this expansion, increasing to $764 million—an 84 percent rise from $415 million in 2024.
He maintained that the U.S. Mission remains committed to expanding agricultural trade, strengthening commercial ties with Nigerian agribusinesses, supporting private sector growth, and deepening economic engagement.
Senior Analyst for the Africa, Middle East, Türkiye, Caucasus, and Central Asia, Region at the U.S. Department of Agriculture, Demeteris Dee Hale, explained that with the full take off GSM-102 will strengthens market confidence by reducing risk, enabling lenders and exporters to move forward with transactions and expand into new opportunities.
Hale added that partnership with financial institutions, importers, exporters, and other stakeholders across the industry to build stronger linkages and drive increased agricultural trade.
In late 2025, Nigerian banks regained eligibility to participate in GSM-102. Since then, credit limits have already been extended to selected Nigerian banks, enabling renewed access to U.S.-backed trade financing and contributing to increased bilateral agricultural trade.
