NEXIM Bank Non-Oil Sector Intervention Crosses N495bn

The Nigerian Export-Import Bank has secured a Bbb+ rating from leading credit rating agency Agusto & Co. Limited, reflecting what the agency described as the bank’s satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions in Nigeria.

NEXIM declared an operating profit of ₦30.47bn in 2024, more than double the previous year’s ₦13.75bn.

The bank said the growth highlights its financial resilience and operational efficiency.

NEXIM, which is fully owned by the Federal Government through equal shareholding by the Central Bank of Nigeria and the Ministry of Finance Incorporated, was established to promote non-oil exports and support import-substituting businesses.

The bank disclosed that it has continued to maintain strong liquidity and capital adequacy ratios, with steady growth in its loan book and equity investments, particularly across key sectors such as manufacturing, agriculture, solid minerals, and services.

Managing Director of NEXIM, Abba Bello, said the bank has intensified its interventions in the non-oil export sector, with disbursements exceeding ₦495bn.

According to him, these interventions have created and sustained more than 36,000 direct and indirect jobs.

He outlined some of the bank’s key initiatives, including the Regional Sealink Project, a public-private partnership designed to improve maritime logistics across West and Central Africa; the promotion of factoring services to provide alternative export financing for SMEs; and the Joint Project Preparation Fund launched with Afreximbank to improve the bankability of export projects.

NEXIM is also working on tailored financing schemes for the mining sector, such as contract mining, equipment leasing, and buyers’ credit/ECA financing, which Bello said are aimed at unlocking export potential and boosting Nigeria’s foreign exchange earnings.

The bank restated its commitment to advancing Nigeria’s position in global trade by supporting local processing capacity, moving the country up the commodity value chain, and enhancing non-oil export revenue.