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In a bid to reposition the Nigerian dredging industry to effectively handle its challenges and also contribute to the economy, two US-based dredging firms have promised to assist the country with low-cost finance and capacity building for the industry.
Disclosing this at the Nigerian Dredging, Construction and Finance Forum held recently at Eko Hotel and Suites, Lagos, the two firms; KOFA International Co and Dredging Supply Co Inc, both expressed confidence in the prospects of the nation’s dredging industry. 
They promised to provide low-cost capital to qualified African governments and private sector importers to build capacities in Africa using available US programmes. 
In his welcoming remarks, Ademola Dada, president / CEO, KOFA International Co, noted that besides providing finance and capacity building, the two companies would collaborate to change the African economy from cash-based to credit-based. 
This, according to him, would also enable the continent to level the playing field with today’s global economy through a well developed international credit rating from the various transactions with US credit agencies.
Dada further said that the companies would be partnering with the best dredging manufacturers in the United States in order to ensure supply of the best equipment at the lowest cost and access to foreign loan with the single digit interest rate.  The CEO noted that this would enable indigenous firms to increase their access rate.
In his remarks,  Bill Wetta,  CEO, Dredging Supply Co, Inc , said the company established in 1989, would benefit Nigeria by supplying them with the right equipment or loan to acquire the dredgers among other accessories with  a five-year  pay-back period. 
Concerning the loan guarantee Dada, noted that Exim Bank would assist exporters and importers by guaranteeing them with financing to creditworthy international buyers, both private and public sector, for purchases of U S goods and services. With export – import bank loan guarantee, international buyers are able to obtain competitive term financing from lenders when financing  is otherwise not available or there are no economically viable interest rates on terms  ranging from one to two years.
Some of the users of the dredging machine in Nigeria also witnessed to the quality of the machines and called on government to provide a favorable environment for the partnership to thrive.