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Brief information on Nigeria

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Short-term Cover will be automatically suspended for future deliveries if payment is not received eight weeks after the agreed due date at the latest.
Medium/long-term Cover facilities are available for transactions with private buyers under a ceiling of EUR 200 million with a limit on the size of the individual transaction of EUR 20 million.
Transactions which are financed with a tied buyer loan are not booked against the ceiling until the loan agreement is also concluded (“first come, first served basis”). Over and above the country ceiling cover is available for project financed and other structured finance deals, where necessary based on countertrade transactions.
A restrictive approach is adopted to cover of financed local costs and subcontracted foreign supplies.
Collateral For short-term transactions with private buyers: rigorous assessment of the creditworthiness, in case of doubt bank security is required.
For transactions with public buyers collateral from the federal government’s Ministry of Finance of the central bank is always required.
For medium and long-term transactions, as a rule, bank security is required from a bank which will be accepted on a case-by-case basis.
Country risk category 5

No responsibility is taken for the correctness of the information provided

More detailed information on the cover policy can be found in all articles of the AGA-Report on Nigeria (German version only) and country information on commercial practices, business climate, market analyses, law, import procedures, customs duties can be found on the website of Germany Trade & Invest (gtai).

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The senior country advisers for Nigeria will be pleased to answer your questions

  • on single transaction cover: Ms Sissi Gerstenkorn, phone: +49 (0) 40 / 88 34 - 95 49
  • on revolving and wholeturnover cover: Mr Holger Ehrich, phone: +49 (0) 40 / 88 34 - 90 26
  • on economic analyses: Mr Martin Schmerbach, phone: +49 (0) 40 / 88 34 - 90 80

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