By Agency Reporter

Tuesday, 8 Feb 2011

The US Export and Import Bank and the Nigerian Central Bank are set to implement financial stimulus packages that will support and promote new investments in the power and aviation sectors in Nigeria, Nigeria’s Ambassador to the United States, Professor Ade Adefuye, has said.

Speaking on Monday in a chat with Empowered Newswire, the Nigerian Ambassador disclosed that the US Ex-Im Bank officials in particular had explained to him that Nigeria had only used up about 25 per cent of the financial facilities and products available for financing projects in the country.

“I have met with the President of the US Ex-Im Bank and top officials of the bank twice recently and they assured me that the bank is keenly interested in providing financial support to back up the Federal Government’s power generation and transmission projects.

US Ex-Im Bank sources also confirmed that sectors of power and aviation were two of its major global financing priorities.

According to the bank, between years 2000 to 2009, for instance, the US Ex-Im Bank “has authorised over $5bn in medium and long-term transactions for the export of goods and services in the power sector.”The bank has also “played a vital role in the development and growth of the power sector in numerous developing countries,” like Nigeria.

In 2009 alone, the US Ex-Im Bank reportedly funded projects in the generation, transmission and distribution of power with an overall financial exposure of about $4.5bn in the power sector.

While both the US Ex-Im Bank and the CBN are expected to work out details of the aviation sector projects, Adefuye added that help for the power projects were already coming from both banks.

 

Source: Punch