The Nigerian Export-Import Bank (NEXIM) has received a Bbb+ rating from leading credit rating agency Agusto & Co. Limited, affirming the institution’s satisfactory financial condition and strong capacity to meet its obligations compared with other development finance institutions (DFIs) in the country.
For the year ended 2024, NEXIM reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in 2023, a performance the Bank described as a reflection of its financial resilience and operational efficiency.
Wholly owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), NEXIM was established to promote non-oil exports and support import-substituting businesses. The Bank said it continues to maintain strong liquidity and capital adequacy ratios, alongside steady growth in its loan book and equity instruments, with major interventions in manufacturing, agriculture, solid minerals, and services.
Managing Director, Mr. Abba Bello, disclosed that NEXIM has intensified its focus on the non-oil export sector, disbursing over ₦495 billion to businesses, which in turn has created and sustained more than 36,000 direct and indirect jobs.
“Key initiatives currently being driven by the Bank include: the Regional Sealink Project a public-private partnership 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 (JPPF), launched with Afreximbank to enhance the bankability of export projects,” Bello stated.
He added that NEXIM is also rolling out tailored financing schemes for the mining sector, including contract mining, equipment leasing, and buyers’ credit/export credit agency financing, all designed to unlock export potential and boost Nigeria’s foreign exchange earnings.
Bello reaffirmed the Bank’s commitment to strengthening local processing capacity and advancing Nigeria’s global trade position by moving up the commodity value chain and enhancing non-oil export revenue.
