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WASHINGTON, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank) remains open to help finance U.S. exports to Nigeria, contrary to published reports in Africa. (In the recently released country limitation schedule effective February 26, 2009, Nigeria’s private and public sectors were qualified to receive all levels of support). "Ex-Im Bank remains positive about financing U.S. exports to Nigerian buyers," said J. Joseph Grandmaison, the member of the Bank's board of directors who focuses on promoting financing of U.S. exports to sub-Saharan Africa. "In fact, at this moment, we have a number of pending transactions in Nigeria and are looking forward to doing even more business there." In Fiscal Year 2008 Ex-Im Bank authorized approximately $197 million of loan guarantees and export credit insurance for export sales to Nigeria, with exposure in Nigeria totaling about $327 million. In June, 2008, Ex-Im Bank more than doubled the size of its Nigerian Ba...

Nigeria and Ethiopia topped a new index of African potential investor destinations on Wednesday, with the survey organisers saying the continent offers good potential growth even against the global economic crisis. The world‘s poorest continent had seen an investment boom in recent years, but flows into the region are seen drying up as the global financial crisis and falling commodity prices take the shine off what were seen as promising frontier markets. Business consultancy, African Rainbow‘s Star of Africa index ranks 53 African countries in terms of their investment potential in various fields, with its creators arguing that potential growth in energy, water and communications consumption could amply reward investors taking the risk, Reuters reported on Wednesday. ”It is for investors to make sure they don‘t miss a trick by overlooking a country they would otherwise have missed,” Chief Executive of African, Rainbow, Katharine Pulvermacher, said. ”Africa is going to overtake the Mid...

FEBRUARY Name: Specialized Education Fair (SEF) Date: 16th – 22nd February 2009 Venue: Lagos International Trade Fair Complex Organizer: Aulic Nigeria Limited Nature: Specialized Name: Office Exhibition (OE) Date: 16th – 20th February 2009 Venue: Lagos International Trade Fair Complex Organizer: Aulic Nigeria Limited Nature: Specialised Name: International Job Fair (IJF) Date: 16th - 20th February 2009 Venue: Lagos International Trade Fair Complex Organizer: Aulic Nigeria Limited Nature: Specialized Name: Spirituality Expo (SE) Date: 16th - 20th February 2009 Venue: Lagos International Trade Fair Complex Organizer: Aulic Nigeria Limited Nature: Specialized Name: Delta Domestic Trade Fair Date: 19th February-2nd March 2009 Venue: Permanent Trade Fair Complex, Warri Organiser: Delta State Chambers of Commerce and Industry Nature: General MARCH Name: 30th Kaduna International Trade Fair Date: 6th-15th march, 2009. Venue: Kaduna International Trade & Investment Centre, Kaduna Organiser...

We do not need official statistics to recognize the strides that Lagos state is taking to change the face of Greater Lagos Area. Other states could be doing greater things but Lagos remains the cynosure of our eyes, perhaps being the commercial hub of Nigeria or because of its enormous population that has bestowed on it a mega city status. Being a mega city in itself is troubling as it suggests that infrastructure has to be enough for the teeming population that call Lagos their home. Further, it has to be attractive enough to retain its commercial hub status and to attract new ones. It is therefore newsworthy to read of several projects embarked upon by the state government to meet with the infrastructure needs of the people in the 21st century. Realizing the weight of the tasks ahead, the state has equally called on the private sector and foreign investors to consider Lagos state for their business, providing opportunities for franchising, concessions and adoption of projects such a...

That Nigeria’s economy would be in a dire strait in 2009 is no longer news; not with the fall in the price of petrol in the international market and the much talked about and already pinching global economic meltdown. Capital flights by foreign investors to bail out parent companies in their ailing economies have not helped matters. According to Dr. Mailafia, former deputy governor of the Central Bank of Nigeria, the global recession will have seven major effects on the Nigerian economy. First, as an immediate consequence, it is likely to aggravate the ongoing stock market crisis. Recently, it was reported that foreign portfolio investors have withdrawn some US$15 billion from our capital markets. Such massive withdrawals compound the crisis of confidence which will further complicate the capital market recovery process. Secondly, dwindling petroleum prices mean a severe reduction in foreign exchange earnings, which, in our case, derive overwhelmingly from the petroleum sector. Some ex...

Nigeria has a bad press, no doubt about it. Nigerians are involved in corrupt business practices, so are others Nigerian cities are unsafe so are other cities; infact, it is in the character of cities, it depends on the reporting. Nigeria is a poor country and half its nationals live below the poverty line, earning less than a dollar or two a day, well according to one of the former presidents, they still have their two square meals and should they choose reverse migration may have three. These are some of the negative perception that have scared away the chicken-hearted from Nigeria…a country that is so unregulated that tax evasion is commonplace even among well known multinational companies and money laundering is largely unchecked. Where else in the World can you walk in and the next day, you are on the phone to a Senator.Welcome to Nigeria, the home of the daring, where a thousand percent return on investment is guaranteed, and thanks to economic liberalization policy of the Govern...

At a time no decent country would touch Nigeria with a long pole, much less taking interest in its economy, no thanks to a debt overhang of $35 billion ( since forgiven ), a rating as one of the most corrupt nations in the World (recently improved rating ); China waved off the risks and took the plunge. The first sign was the upsurge in the number and size of Chinese restaurants springing up at most unusual spots in major cities in the country. Next was China Town’, an unofficial export free zone, providing dump sites (markets) for cheap, but largely substandard textile products from Chinese factories. Before long and in the quest to expand its frontier of business in Nigeria , China moved from the backwaters of the informal sector, and literally invaded the economy, searching for trade and investment opportunities. The plunge has paid off. China in the last nine years has become a strategic player in the Nigerian economy. Placed side by side with new cr...