Ecobank Nigeria and BNDES cooperate on $20m line of credit

Ecobank Nigeria and BNDES cooperate on $20m line of credit
August 11, 2015 Advocaat Law Practice

Ecobank Nigeria has signed a $20 million line of credit with Brazil’s BNDES development bank to aid the importing of goods from Brazil. The partnership between the institutions is driven by booming demand in Nigeria for Brazilian goods, with importers requiring competitive financing in order to purchase those products, FolukeAboderin, executive director of corporate banking at Ecobank said in a statement. Under the terms of the line of credit, Nigerian importers and Brazilian exporters will submit commercial details of a deal to BNDES, which will approve or deny lending. Particular interest has been seen in Nigeria for Brazilian agricultural products but the country has also seen a rise in engineering and construction equipment along with industrial goods.