AFRICAN EXPORT-IMPORT BANK
BANQUE AFRICAINE D’IMPORT-EXPORT
(AFREXIMBANK)
STATEMENT OF MR. JEAN-LOUIS EKRA, PRESIDENT, AFRICAN EXPORT-IMPORT BANK ON THE OCCASION OF THE SIGNING CEREMONY OF A US$15�MILLION TRADE FINANCE LINE OF CREDIT GRANTED BANK OF INDUSTRY, NIGERIA BY THE AFRICAN EXPORT-IMPORT BANK
JUNE 22, 2009
Statement of Mr. JEAN-LOUIS EKRA, President, African Export-Import Bank on the Occasion of the Signing Ceremony of a US$15 Million Trade Finance Line of Credit Granted BANK OF INDUSTRY, NIGERIA BY THE AFRICAN EXPORT-IMPORT BANK.
The Chairman of Bank of Industry
The Managing Director of Bank of Industry
The Managing Director of Leasing Company of Nigeria
Distinguished Officers of Bank of Industry
Ladies and Gentlemen of the Press
Distinguished Ladies and Gentlemen,
It is my pleasure to welcome you all to be part of the signing ceremony the Bank is undertaking in its premises today, which will begin a lending relationship with a unique government banking institution.
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Today, distinguished Ladies and Gentlemen, we will be demonstrating our continued support to a major shareholder country, Nigeria by the signing of the Agreement of a US$15 million Trade Finance Facility the Bank has granted to Bank of Industry (BOI), Nigeria.�Proceeds of the Facility will be used by BOI to support its subsidiary company, Leasing Company of Nigeria (LECON), whose clients are engaged in various business activities, including trade, manufacturing/processing, energy, oil and gas services, and transportation services, among others. We believe that working together in this way we can both continue to contribute to the economic development of Nigeria.
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Distinguished Ladies and Gentlemen, Nigeria has been making steady economic progress since 1999, when the country returned to democracy.�Supported by structural reforms in major sectors of the economy, especially the telecommunications and banking sectors, firm oil prices and fiscal discipline, the Nigerian economy has been performing well in recent times. In this regard, Nigeria’s GDP growth rate averaged 5.8% during 2006-2008 with the country’s external reserve holdings also growing sharply from US$ 42 billion in 2006 to US$62 billion in 2008, a level more than enough to cover 16 months imports.�There has also been a significant improvement in infrastructure of the country. Nigeria is an important regional economy, accounting for about 11.8% of Africa’s total trade and more than 13.8% of Africa’s exports in 2008.�
Distinguished Ladies and Gentlemen, we are providing this facility to BOI so as to deepen and broaden the support we are providing to Nigeria.�It is important to add that since inception of the Bank, we have continuously provided lines of credit to Nigerian Banks. We have also supported Nigerian corporates either directly or indirectly through local banks. Total cumulative approvals to Nigerian entities (corporates and banks) reached USD 4,496 million at the end of 2008.�We hope that BOI will effectively deploy the resources we are providing today in such a way as to promote the goals of our two institutions.�On our part, we are determined to ensure that our facilities do not only assist our direct borrowers in their business but that the larger developmental goals for which the Bank was created are met.
Permit me now to express our sincere gratitude to all of you who found time to be here today.�I will, in particular, like to thank Mrs. Evelyn Oputu, the dynamic Managing Director of Bank of Industry and Mr. David Nwachukwu, Managing Director of LECON for their confidence in Afreximbank.�My thanks also go to the Ladies and Gentlemen of the Press gathered here for their continued support.�We hope they will give today’s event the publicity it deserves.�Finally, I take this opportunity to thank my staff and those of BOI for the contributions made towards the consummation of this transaction.
May the ceremony we are about to witness be the beginning of a long and rewarding relationship between Afreximbank and Bank of Industry!
Thank you.
JEAN- LOUIS EKRA
PRESIDENT
AFRICAN EXPORT-IMPORT BANK
CAIRO