The United States has revitalised the agro-credit program through its Department of Agriculture’s Export Credit Guarantee Program, known as GSM-102, to serve as an important tool for Nigerian banks and importers to use when sourcing essential inputs. The development was disclosed during a two-day event in Lagos on Tuesday, which……
The United States has revitalised the agro-credit program through its Department of Agriculture’s Export Credit Guarantee Program, known as GSM-102, to serve as an important tool for Nigerian banks and importers to use when sourcing essential inputs.
The development was disclosed during a two-day event in Lagos on Tuesday, which aimed to increase awareness and utilisation of the GSM-102 program in Nigeria.
According to a statement made available to TVC News on Sunday, the event was hosted by the Foreign Agricultural Service of the U.S. Consulate General.
The statement revealed that the program supports U.S. efforts to strengthen U.S.-Nigeria agricultural trade, build more reliable food supply chains, and increase commercial opportunities for both countries.
The statement reads, “The United States and Nigeria continue to advance a strong and growing economic partnership, with two-way trade in goods and services reaching nearly $15 billion in 2025, up 14 per cent from 2024. Agricultural trade has been a major contributor to this expansion, increasing to $764 million—an 84 per cent rise from $415 million in 2024—and underscoring Nigeria’s importance as a key partner.
“The U.S. Mission remains committed to expanding agricultural trade, strengthening commercial ties with Nigerian agribusinesses, supporting private sector growth, and deepening economic engagement.”
To increase awareness and utilisation of the GSM-102 program in Nigeria, the Foreign Agricultural Service of the U.S. Consulate General hosted a two-day event in Lagos, bringing 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.
In his opening remark, U.S. Consul General Rick Swart noted that Nigeria is one of the United States’ most important agricultural trade partners in Africa.
Swart said, “Under the Trump Administration, we are making a clear shift from aid to trade.
“We’re 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.”
The statement also revealed that during the two-day event, participants explored how GSM-102 can help Nigerian businesses access the U.S. market, improve food security, and create jobs on both sides of the Atlantic.
In addition, the Nigerian participants engaged their U.S. counterparts in business-to-business discussions aimed at turning market opportunities into concrete transactions.
The Senior Analyst for the Africa, Middle East, Türkiye, Caucasus, and Central Asia Region at the U.S. Department of Agriculture, Demeteris “Dee” Hale, noted that “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 across the industry to build stronger linkages and drive increased agricultural trade.”
The statement also disclosed that in late 2025, Nigerian banks regained eligibility to participate in GSM-102, adding that 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.
