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Export-Import Bank of the United States Affirms Continuing Financing Support for U.S. Exports to Nigeria



Media Contact Name/Phone: 

Phil Cogan 01-(202) 565-3200 mobile: 01-202-746-1676

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.

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. In fiscal year 2008, Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. Eighty-six percent of nearly 2,328 transactions directly benefited small-business exporters. For more information visit www.exim.gov.