Private Nigerian firms are to get US $100 million in mid-term loans from the US Export-Import Bank in a bid to expand the share of US business in the country’s development drive, bank Chairman and President James Harmon said in Abuja.
“This week, we are taking an enormous step forward in our partnership by expanding our financing to cover the purchase of capital equipment,” he said on Thursday at the Nigerian Economic Summit.
Ex-Im Bank, the US government’s export credit agency, supported a record US $600 million in US exports to nine sub-Saharan African states in 1998, an 11-fold increase over fiscal 1997, the US information agency, USIS, said.
Harmon is on a 12-day visit to Ghana, Nigeria, South Africa and Mozambique.
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