US Ex-Im Bank has renewed, and expanded from US$300mn to US$405mn, a Nigerian bank facility that allows for expedited processing of short and medium-term insurance and guarantee transactions in support of US exports to Nigeria.


US Ex-Im Bank’s credit facility was initially approved in June 2006. With the addition of three new banks to the program – United Bank for Africa, Fidelity Bank and Wema Bank – the facility now has a total of 17 banks, which have been allocated credit lines that will expire on June 12, 2008.


The remaining 14 banks, which were original members of the facility, are: Access Bank, Afribank, Diamond Bank, Ecobank, First Bank, Guarantee Trust Bank, Intercontinental, IBTC, Nigerian International Bank, Oceanic Bank, Standard Chartered Bank Nigeria, Stanbic Bank Nigeria, Union Bank, and Zenith Bank. Banks utilising the facility provide a payment guarantee for their customers, who are the buyers of US goods.


To work with US Ex-Im however, Nigerian banks need not be a member of the facility. “Ex-Im Bank welcomes the opportunity to consider transactions with all of Nigeria’s banks,” says Ex-Im chairman and president James Lambright.


“Reaching out to Nigerian banks is a key part of Ex-Im Bank’s strategy to expand support for US exports to this important market,” says Lambright. “The participating banks have undergone major growth over the past year, and we hope to see increased use of the facility, which will support US jobs and Nigerian economic development.”


Lambright says additional Nigerian banks have shown interest in participating in the Ex-Im Bank programme.