For additional questions or information, please contact Ex-Im Bank Business Development Staff Mr. Rick Angiuoni Regional Director for Africa E-Mail: rick.angiuoni@exim.gov   Mr. Benjamin S. Todd Business Development Officer for Africa E-Mail: ben.todd@exim.gov  Commercial Service Office http://www.buyusa.gov U.S. Embassy in the Country   http://abuja.usembassy.gov/ Country Embassy in U.S.      http://www.nigeria embassyusa.org

Export-Import Bank Support for U.S. Exports to Nigeria

“Nigeria has consistently been one of Ex-Im Bank's most active customers in the region; and, in the near term the economic outlook is bright. GDP growth is expected to be at or above 7% in 2010 and 2011, and we look to build on the success of our one billion dollar Nigerian Banking Facility, which has supported over half a billion dollars in U.S. exports since it was first put in place.” – Fred Hochberg, Chairman, Export-Import Bank of the U.S.

Nigeria is Africa's most populous country, and has its second largest economy. The country is rich in natural resources, and has significant opportunities for infrastructure development. In order to support U.S. exports to Nigeria, the Export Import Bank of the United States has developed a $1 billion Nigerian Bank Facility (NBF). The NBF involves 14 Nigerian banks and allows for expedited processing of insurance and guarantees, allowing transactions that involve these banks expedited processing.

Success Stories

1. Lagos: ABRO Industries, Inc., a small business located in South Bend, Indiana, has been exporting automotive and industrial supply products to Coscharis Motors Limited in Lagos.  The transactions have been supported by a US Export Import Bank multibuyer insurance policy, which ABRO has used to increase sales throughout Sub-Saharan Africa.
    
2. Abuja: Four American businesses exported equipment and services to Xechem Pharmaceuticals Nigeria Limited, which used the products to build laboratories and a manufacturing plant in order to develop a variety of herbal-based drugs to combat sickle cell anemia.  The project was made possible by a $9.3 million loan guarantee from the Export-Import Bank of the United States.  The four U.S. exporters are American Plastics Technologies, Inc., Schiller Park, Illinois; FinancialBridge, Inc., Miami, Florida; Nitra Group, Aventura, Florida; and Fisher Scientific Co. LLC, Suwanee, Georgia.  American Plastics Technologies and FinancialBridge are both small businesses  
   
   
3. Dugbe, Oyo State:  Harris Corp., Redwood City, California, sold equipment and services to Odu'a Telecoms Limited for a fixed wireless telecommunications network throughout five states in southwestern Nigeria.  The Export-Import Bank of the United States approved a $10.4 million loan guarantee to make the transaction possible.  The sale brought telephone service to tens of thousands of Nigerians and at the same time supported U.S. jobs.  
    
4. Lagos:  Southern Textile LLC of Charlotte, North Carolina sold new and used textile equipment to Meggitto Ventures Limited in Lagos, Nigeria.  The Export-Import Bank of the United States (Ex-Im Bank) approved a $2.3 million medium-term, comprehensive guarantee to support the sale.  The increase in production resulting from the newly acquired equipment will be dedicated primarily to the manufacturing of t-shirts.  The transaction is being guaranteed by Oceanic Bank International, Nigeria under the Ex-Im Bank Nigerian Banking Facility.
    
5. Kano State:  Raytheon Aircraft Company of Wichita, Kansas, exported two Beech 1900D aircraft to Overland Airways Ltd., a domestic airline based in Nigeria.  Overland has utilized the 19 passenger aircraft to expand service throughout Nigeria, including into Kano state in the North.   The Export-Import Bank of the United States (Ex-Im Bank) provided a medium-term direct loan to support the transaction.