LAGOS, April 7, 2006 -- Export Development Canada (EDC) and the First Bank of Nigeria today signed a Letter of Offer from EDC for a pending USD 25 million line of credit during a ceremony at First Bank's head office in Lagos.
Once established, EDC's line of credit with First Bank will be the first medium term line of credit established by an export credit agency with a Nigerian bank. The line of credit with First Bank will be used to develop new business in Nigeria by engaging Canadian expertise, goods and services.
The Letter of Offer was signed at an official ceremony coinciding with EDC's participation in a trade mission to Nigeria organized by the Canadian Council on Africa. His Excellency David Angell, Canadian High Commissioner to Nigeria, H.E. Olufemi George, Nigerian High Commissioner to Canada, Mr. Greg Bates, Senior Trade Commissioner (Canada) and representatives from the Canadian Council on Africa were guests of honour as the document was signed by Mr. Rizwan Haider, Regional Manager of Sub-Saharan Africa for EDC and Mr. Jacobs M. Ajekigbi, Managing Director of First Bank.
"Nigeria is the second largest economy in Sub-Saharan Africa and is of significant importance to Canadian exporters and investors in key sectors such as power, transport and telecom," said Mr. Benoit Daignault, Senior Vice-President, Business Development at EDC. "Our strategy for developing the Nigerian market will be to facilitate short term business with private sector buyers and use lines of credit with select Nigerian partners like First Bank to generate new medium and long term business. By positioning ourselves proactively with leading Nigerian banks, we will be in a strong position to support our exporters and investors in this important emerging market."
First Bank of Nigeria PLC is one of the largest financial services group in Sub-Saharan Africa and was established in 1894. Since then, it has built enduring partnerships with the local business community, whose success is vital to the prosperity and growth of the Nigerian economy. With 389 business locations, the bank has one of the largest domestic sales networks in Nigeria. The bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Nigerian Government's privatization and commercialization strategy. The bank provides both businesses and consumers with a broad range of financial products and services with which they can finance asset acquisition.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact: Phil TaylorPublic AffairsExport Development Canada (613) 598-2904 ptaylor@edc.ca
