Nigerian Bank Guarantee Facility

Following recent positive developments in the Nigerian banking sector, the Export-Import Bank of the United States (Ex-Im Bank) has approved a total of $1 billion allocated among select Nigerian banks to support U.S. exports to Nigeria. The consolidated facility will allow Ex-Im Bank to rapidly approve qualifying short-and medium-term transactions for Nigerian buyers of U.S. goods and services. 

Under the new program, Ex-Im Bank will insure short-term transactions involving exports of consumer goods, raw materials, spare parts, commodities, and small capital equipment with a repayment period of 180 days. Ex-Im Bank’s medium-term insurance and guarantees are generally used for financing purchases of U.S. capital equipment and services with a repayment term of five years.

To facilitate Ex-Im Bank’s support of such transactions, a review of the Nigerian banking sector  was conducted which culminated in Ex-Im Bank’s Board of Directors approving a $1 billion dollar facility. Each of the banks has been pre-approved for amounts of $10 million and higher, which may be renewed annually. The following is a list of the participating Nigerian Banks:

Note: Nigerian banks are not limited to the new financing facility and are eligible to apply for additional Ex-Im financing under other programs. 

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