Recent data from the International Trade Centre (ITC) has revealed that Nigeria’s electricity exports have reached a value of $112m.

According to the ITC’s website, Nigeria is currently exporting electricity to two neighbouring African nations: the Republic of Benin and Niger.

As of January 18, 2025, Nigeria’s electricity exports to Benin amounted to $66m, with a potential export value of $82m. However, there remains an unrealised export potential of $16m, according to the Punch.

Similarly, electricity exports to Niger were valued at $46m, with the potential for $51m in exports, leaving an unrealised potential of $4.1m.

“The products with greatest export potential from Nigeria to Benin are electrical energy, Urea, and Bars & rods of iron/steel,” the ITC noted.

It also highlighted that the largest absolute difference between potential and actual exports was in electrical energy, with an additional $4.1m in exports still unrealised.

The ITC further indicated that Nigeria’s exports to Niger include electrical energy, Portland cement, and soups, broths and preparations.

While the export data paints a picture of growth in the sector, concerns remain about the state of electricity supply in Nigeria.

According to the Punch, Chief Princewill Okorie, executive director, Electricity Consumer Protection Advocacy Centre, questioned the country’s priorities.

He said, “Are the electricity companies in those countries they export electricity to serve the consumers the way they serve Nigerian consumers? We cannot be celebrating electricity export when at home in Nigeria we are experiencing blackout and extortion in violation of our consumer protection laws. A good parent first takes care of his home before caring for outsiders.”

He further criticised the export of electricity, questioning whether the money generated was benefiting the Nigerian power sector.

“Is it the wellbeing of Nigerians that is more important or the money generated from export of electricity? If such money is generated, why not inject it into electricity when they are telling us they lack liquidity? What sense does it make for our local industries and economy to be dying because of electricity while export is building other countries’ economies?” Okorie asked.

He added that Nigeria’s economic struggles, including the exodus of professionals and youths, were exacerbated by power shortages, questioning the rationale behind celebrating electricity exports under these conditions.

“It is a shame. Charity begins at home. Let them also explain what the money has been used for when we keep borrowing from the World Bank,” he added.

Socio-Economic Rights and Accountability Project (SERAP) has called on US President-elect Donald Trump to identify and recover stolen Nigerian assets hidden in the United States.

Donald Trump

In a statement released on Sunday via X, SERAP urged Trump’s administration to ensure the return of these assets to the Nigerian people.

“We’ve urged US President-elect Trump and his incoming administration to identify US-based stolen assets traced to Nigerian public officials and to ensure the return of any such assets to the Nigerian people,” SERAP stated.

The organization also demanded that Nigerian public officials implicated in the theft of these assets be banned from entering the US.

Meanwhile in the letter, Trump was urged to “attach and release to Nigeria some $500 million worth of US-based proceeds of corruption traced to former Nigerian dictator General Sani Abacha.”

SERAP’s request “aligns with the UN Convention Against Corruption, which both the US and Nigeria have ratified.”

The organization emphasized that the US Department of Justice should initiate civil asset forfeiture proceedings to fulfill the US commitment to assisting Nigeria in recovering looted assets.

In the letter, SERAP explained that “these proceeds are separate from the $480 million of Abacha-origin funds that have been forfeited to the US under an August 2014 US federal district court order.”

SERAP urged Trump’s administration to initiate discussions with the Nigerian government to fulfill the objective of returning the stolen assets within an agreed framework and timeline.

The organization also stressed the importance of acknowledging the role of civil society in asset recovery matters.

SERAP noted that the UN Convention Against Corruption requires states to return “corrupt” assets to their countries of origin.

The organization noted it believes that Nigeria has met the requirements for the return of the $500 million in proceeds.

The letter was signed by Professor Alexander W. Sierck, US volunteer counsel, SERAP and Adetokunbo Mumuni, executive director and copied to Stuart Symington, US Ambassador to Nigeria.

The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) that will deepen collaboration and trade ties between the United States and Nigeria.

The agreement was signed by Exim President and Chair, Reta Jo Lewis, on behalf of Export Import Bank of United states, while Abba Bello, Managing Director/ Chief Executive of NEXIM signed on behalf of the Nigerian Export-Import Bank.

During the signing ceremony, EXIM President and Chair, Reta Jo Lewis, highlights increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.

Also, NEXIM MD/CE, Abba Bello, highlights that the partnership is a significant milestone for Nigeria and the US that will provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more robust mutually beneficial trade flows between the two countries.

The MOU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, amongst others.

“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said Chair Lewis.

“This MOU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting U.S. exports in key sectors.”

The MD/CE NEXIM in his own remarks noted that, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.

We are confident that this partnership will open new avenues for economic growth and development”. The MOU, signed virtually marks a significant milestone for the United States and Nigeria.

The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilizing EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.

This MOU contributes directly to EXIM’s Sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa.

The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.

To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including credit insurance, working capital guarantees, loan guarantees, and direct loans.

As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.