For the first time in ten years a federal agency is investing in the fledgling democratic state of Nigeria. The Export-Import Bank, one of three U.S. agencies that supports the exports of U.S. goods and services internationally, last week finalized a $6 million loan to bring broadband to the northern state of Jigawa. The five-year telecom loan, arranged by Chicago-based Loop Capital Markets and guaranteed by First International Bank of Hartford, Connecticut, comes on the heels of President Clinton's August sojourn to Nigeria, one of the largest markets in Africa. No chief executive of the U.S. has officially visited Nigeria since the days of Richard Milhouse Nixon, because of that country's nondemocratic leadership.

But that changed last year for Nigeria, which held its first democratic election this year for its 120 million residents, and in the process became one of the great hopes for democracy in Africa. While various covert efforts at building democracies on the continent have taken place over the years-such as the clumsy attempts by the Central Intelligence Agency in the Congo several decades back-genuine investment interest only materialized when now deceased Commerce Secretary Ron Brown aroused the Clinton Administration's interest.

Loop founding partner Donna Sims Wilson expects the deal to be "the first of many" that will take place involving both imports from the U.S. and exports from Nigerian companies. According to Wilson, "a handful of other deals" are burgeoning that leverage U.S. trade assistance and venture capital to further the financing of needed telecommunications, transportation and power-related infrastructure. A newly listed Nasdaq telecom equipment manufacturer and an African-American owned company, Telecommunications Systems Inc. of Annapolis, MD, will build the first Nigerian wireless network to enhance educational, commerce and healthcare services. "The democracy there is firmly taking hold," observed Wilson, a member of Clinton's delegation and a former VP at Bear, Stearns & Co. "I'm not a political scientist, I'm not an advocate, I'm an investment banker," said Wilson. "But I know for a fact that the corrupt government" stopped the U.S. from trade and investment before. The administration could use the good news from Nigeria. It wasn't so fortunate in another emerging market last week. According to last week's House banking committee report on Russia, which many saw as visibly partisan, the administration severely bungled economic opportunities in an attempt to help build democracy there.