The Nigeria Export-Import Bank (NEXIM) has reported an impressive operating profit of N30.47 billion for the financial year ending 2024, a significant increase from N13.75 billion in the previous year, signalling strong growth and resilience amid challenging economic conditions.
The bank has also 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.
The growth underscores the bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is 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).
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 the bank’s managing director, Abba Bello, NEXIM 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.
The bank said it was currently driving key initiatives, including a regional Sealink project through a public-private partnership aimed at improving maritime logistics across West and Central Africa; providing alternative export financing options for SMEs; and a joint project preparation fund that was launched in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM said it was 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.
“NEXIM Bank 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,” NEXIM said in a statement yesterday.
