Nigeria’s leading credit rating agency, Agusto & Co. Limited, has assigned the Nigerian Export-Import Bank (NEXIM) a Bbb+ rating, affirming the bank’s satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported N30.47 billion operating profit, a significant increase from N13.75 billion in the previous year, underscoring the bank’s financial resilience and operational efficiency.
According to the merchandize trade lending bank’s Managing Director, Mr. Abba Bello, the bank has intensified its intervention in the non-oil export sector, disbursing over N495 billion, which has led to the creation and sustenance of over 36,000 direct and indirect jobs.
He listed the key initiatives currently being undertaken by the bank to achieve its mandate as including 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; and Joint Project Preparation Fund (JPPF): Launched in partnership with Afreximbank to enhance the bankability of export projects.
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In addition, NEXIM Bank 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.
Bello affirmed that NEXIM Bank remained 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.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM Bank is wholly owned by the Federal Government of Nigeria, with equal equity stakes by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
Over the years, the bank has maintained strong liquidity and capital adequacy ratios, with notable growth in its loan book and equity instruments.
Some of its key sectors of intervention include manufacturing, agriculture, solid minerals, and services.
