Export-Import Bank of the United States Affirms Continuing Financing Support for U.S. Exports to Nigeria
WASHINGTON, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank) remains open to help finance U.S. exports to Nigeria, contrary to published reports in Africa. (In the recently released country limitation schedule effective February 26, 2009, Nigeria’s private and public sectors were qualified to receive all levels of support).
"Ex-Im Bank remains positive about financing U.S. exports to Nigerian buyers," said J. Joseph Grandmaison, the member of the Bank's board of directors who focuses on promoting financing of U.S. exports to sub-Saharan Africa. "In fact, at this moment, we have a number of pending transactions in Nigeria and are looking forward to doing even more business there."
In Fiscal Year 2008 Ex-Im Bank authorized approximately $197 million of loan guarantees and export credit insurance for export sales to Nigeria, with exposure in Nigeria totaling about $327 million.
In June, 2008, Ex-Im Bank more than doubled the size of its Nigerian Bank Facility to $1 billion. The facility covering 14 Nigerian banks allows for expedited processing of short- and medium-term insurance and guarantee transactions in support of U.S. exports to Nigeria, and it now accommodates long-term transactions as well.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. For more information, visit www.exim.gov
Footnote: Ndudi Osakwe, Infoplus/IBG Nigeria has entered partnership with Joaquin Frias, Trade Credit Group/IBG Mexico as independent consultants to provide soft access to US EXIM Bank facility by Nigerian private and public sectors looking to buy machinery and equipment from the US.
"Ex-Im Bank remains positive about financing U.S. exports to Nigerian buyers," said J. Joseph Grandmaison, the member of the Bank's board of directors who focuses on promoting financing of U.S. exports to sub-Saharan Africa. "In fact, at this moment, we have a number of pending transactions in Nigeria and are looking forward to doing even more business there."
In Fiscal Year 2008 Ex-Im Bank authorized approximately $197 million of loan guarantees and export credit insurance for export sales to Nigeria, with exposure in Nigeria totaling about $327 million.
In June, 2008, Ex-Im Bank more than doubled the size of its Nigerian Bank Facility to $1 billion. The facility covering 14 Nigerian banks allows for expedited processing of short- and medium-term insurance and guarantee transactions in support of U.S. exports to Nigeria, and it now accommodates long-term transactions as well.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. For more information, visit www.exim.gov
Footnote: Ndudi Osakwe, Infoplus/IBG Nigeria has entered partnership with Joaquin Frias, Trade Credit Group/IBG Mexico as independent consultants to provide soft access to US EXIM Bank facility by Nigerian private and public sectors looking to buy machinery and equipment from the US.
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U.S. EX-IM BANK, NIGERIAN MINISTRY OF POWER SIGN AGREEMENT FOR UP TO $1.5 BILLION TO INCREASE POWER OUTPUT IN NIGERIA
ABUJA, NIGERIA - The Export-Import Bank of the United States (Ex-Im Bank) and the Nigerian Ministry of Power (MOP) today (Oct. 19) signed a Memorandum of Understanding (MOU) aimed at securing up to $1.5 billion of U.S. exports of goods and services directed at a ten-fold increase in power output in Nigeria by 2020.
"$1.5 billion is just a start. We want to deploy this financing as quickly as possible to help meet President Goodluck Jonathan's goals for growing the Nigerian economy by greatly expanding the availability of power in the country. The bank's board of directors will certainly consider additional financing if needed," said Fred P. Hochberg, Ex-Im Bank chairman and president. "We are also interested in financing U.S. exports in support of Nigeria's other infrastructure needs, which we understand may total over $220 billion between 2012 and 2016," he said.
Hochberg noted that the sale of U.S. goods and services for expansion of the Nigerian electricity infrastructure will create or maintain many jobs in both the United States and Nigeria. Increased, reliable power in Nigeria is widely accepted as central to the growth of the Nigerian economy.
Nigeria intends to increase power output from the current four gigawatt level to 15-20 gigawatts by 2015, and 40 gigawatts by 2020.
The Bank and the MOP intend to establish a framework to support U.S. exports to power projects in Nigeria. They expect that the projects would be structured on an Independent Power Producer basis (IPP), where the sale of power from the IPPs is supported by an adequate level of sovereign or other strong credit support.
Transactions under the power sector framework would be approved by Ex-Im Bank on a case-by-case basis, in compliance with Ex-Im's credit, environmental and other policies and procedures, The agreement was signed in Abuja, the Nigerian capital, by Chairman Hochberg and Minister of Power Bart Nnaji during the Chairman's business development mission to the country this week.
Nigeria is one of nine countries in the world that Ex-Im Bank has identified as offering U.S. companies the greatest opportunities for sales. The other countries are South Africa, Turkey, India, Indonesia, Vietnam, Brazil, Mexico, and Colombia. All have growing economies and significant infrastructure needs.