Export-Import Bank loans $15.7m to Lagos State for Fire Trucks

By Ada Arinze

The Export-Import bank in the U.S.A has approved of a $15.7 million loan to Lagos State for the government to underwrite the purchase of 32 American designed fire-fighting trucks, according to the bank statement released on Friday, 11 January, 2013. This is because the State of Lagos, which is home to Nigeria’s commercial centre and largest city, has expressed plans to upgrade its fleet of fire-fighting vehicles. The Governor of Lagos State has declared that the expansion and re-equipping of the fire service is an urgent matter of state security. The loan, which is in line with the Administration’s “Doing Business in Africa” campaign, will be supporting approximately 100 U.S jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology. Moreover, 65 percent of the financing is expected to support small American businesses. “This transaction reflects our continued commitment to increasing exports to Sub-Saharan Africa while supporting American small-business jobs,” said Ex-im Bank Chairman and President Fred B. Hochberg. “Additionally, the financing, which targets one of our key markets, ensures that the government of Lagos can respond efficiently to emergency situations.” The statement goes further to say that the vehicles are to be manufactured by W.S. Darley and Co. of Itasca, Illinois.  Darley is a family-owned business that was founded in 1908. The company, which has exported its products to foreign markets since the 1940s, designs and manufactures fire-fighting trucks, equipment, pumping and safety gear. “Darley Company is excited to have the opportunity to work with the Lagos Nigeria Fire Service on this important contract,” said Peter Darley, vice President of Darley. “This project was only possible because our customer was able to secure financing with the assistance of Ex-im. As a small business, this type of support means we are able to compete with other companies outside the of US for this business. Darley, as well as our key partner suppliers, will need to hire new employees so we can fulfill this order.” Darley’s Africa Representative, Trinity International Inc. of Potomac, Md., arranged this transaction. In FY 2012, Ex-im Bank authorized more than $1.5 billion to support US exports to sub-Saharan Africa.

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This article was first published on 14th January 2013

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