EDC aims to grow business by focusing on Nigeria

Trade finance agency Export Development Canada (EDC) opened a permanent representation in Johannesburg, South Africa, Wednesday.

Over the past five years, EDC has brought more than $7.4 billion to African and Canadian businesses; $235 million of it in Nigeria.

EDC extends financing to sub-Saharan corporations, project owners and banks that seek business with Canadian companies. In Nigeria, EDC will look to connect Canadian companies with Nigerian businesses in the fields of extractive industries, infrastructure, power, transportation and ICT.

"With 70 years of international financing experience and annual global business volumes nearing $100 billion, EDC has the capital and experience necessary to undertake transactions of any size for sub-Saharan companies," Jean-Bernard Ruggieri, EDC's first Chief Representative, sub-Saharan Africa, said. "EDC is investing in sub-Saharan Africa for the long term, and Nigeria will be one of our initial focus areas."

EDC is also interested in the manufacturing and healthcare and life sciences sectors in Nigeria.

 "Canadian companies have strong capabilities in all of these areas and can provide Africa with the goods, services, and expertise that are needed in developing these critical sectors," Ruggieri said.