Nationwide Equipment Company (NWE), a medium-sized company in
HS Petroleum Limited, will use the trucks to replace aging equipment and to expand its equipment rental, leasing and hauling business. Webster Bank of Hartford, Connecticut, is the guaranteed lender.
“Sub-Saharan Africa is an important region, and one in which Ex-Im Bank knows that US exporters can be extremely competitive,” says Joseph Grandmaison, a member of the bank’s board of directors. “Ex-Im Bank’s commitment is to expand trade between Nigeria and the United States. This transaction is a good example of how we can help small businesses sell to emerging markets.”
“Ex-Im Bank financing not only allows Nationwide to successfully compete in new foreign markets, it also enabled us to enlarge the scope of our export sales to include sub-Saharan Africa,” adds Michel Allen, NWE director of international development.
NWE, established in 1983, specialises in the sale of used and reconditioned earthmoving, road building and mining equipment to over 40 countries worldwide.
During the last few years, Ex-Im has backed a wide variety of Nigerian transactions. Since reopening in Nigeria in October 1999, Ex-Im has supported 48 transactions totalling more than US$220mn.