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HomeAfricaUS Exim Bank approves US$1.5b financing for Nigeria

US Exim Bank approves US$1.5b financing for Nigeria

 The United States Export-Import Bank approved US$1.5 billion in financing to support U.S. exports to Nigeria and some other sub-Saharan African countries in the first three quarters of 2012, the local media reported Wednesday.

The report said the figure surpasses the previous amount of US$1.4 billion approved for the entire 2011.

It said the increase was driven by export growth in several sectors, including machinery, vehicles, spare parts, commodities and aircraft.

“Proportionately, Exim Bank supports more U.S. exports to sub-Saharan Africa than it does to the world at large. Last year, we financed 6.7 per cent of U.S. exports to this region. With this new record in sub-Saharan authorizations already achieved in 2011, we are on target to increase that percentage,” Exim Bank Chief Executive Officer Fred P. Hochberg was quoted as saying.

“Sub-Saharan Africa is a priority region because many countries have strong prospects for long-term economic growth and infrastructure development. We want to help more U.S. exporters increase their sales to this emerging region,” he said.

It identified two of the top markets for U.S. exports in the region as South Africa and Nigeria, which are among Exim Bank’s nine key country markets.

In 2012, Exim Bank expanded its cover policies in four sub-Saharan African countries – Cameroon, Ethiopia, Tanzania and Angola.

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