The Nigerian Export-Import Bank (NEXIM) has reported an impressive ₦30.47 billion operating profit, for the year ended 2024, a significant increase from ₦13.75 billion in the previous year.
The growth, according to the bank, underscores its financial resilience and operational efficiency.
This is just as the bank has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria, through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has maintained strong liquidity and capital adequacy ratios, with notable growth in its loan book and equity instruments.
Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion, which has led to the creation and sustenance of over 36,000 direct and indirect jobs.
Key initiatives currently being driven by the Bank include: The Regional Sealink Project: A public-private partnership aimed at improving maritime logistics across West and Central Africa.
Promotion of Factoring Services: Providing alternative export financing options for SMEs.
Joint Project Preparation Fund (JPPF): Launched in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM said it is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, designed to unlock export potential and boost foreign exchange earnings.
The Bank said it remains committed to building local processing capacity and advancing Nigeria’s position in global trade by moving up the commodity value chain and enhancing non-oil export revenue.
