NEXIM Bank Profits Soar to ₦30.47 Billion
…Secures Bbb+ Rating from Agusto & Co.
By Patience Ikpeme
The Nigerian Export-Import Bank (NEXIM) has reported a significant jump in its operating profit for the year ended 2024, hitting ₦30.47 billion. This marks a sharp increase from the ₦13.75 billion recorded in the preceding year, signaling strong growth and operational effectiveness.
The bank, which is fully owned by the Federal Government through the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), attributed the performance to intensified support for the non-oil export sector.
“This growth underscores the Bank’s financial resilience and operational efficiency,” a statement from NEXIM Bank read.
According to Managing Director Mr. Abba Bello, the bank has disbursed over ₦495 billion in intervention funds to the non-oil export sector. This substantial financial backing has been instrumental in the creation and sustenance of over 36,000 direct and indirect jobs across the country.
The improved financial health and operational performance have led to NEXIM Bank being assigned a Bbb+ rating by Agusto & Co. Limited, a leading credit rating agency. This rating affirms the bank’s satisfactory financial condition and its strong capacity to meet obligations compared to other development finance institutions (DFIs) in Nigeria.
The bank, established to promote Nigeria’s non-oil exports and support import-substituting businesses, reports maintaining strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity instruments. Key sectors that have benefited from NEXIM’s financing include manufacturing, agriculture, solid minerals, and services.
NEXIM is also pursuing several strategic initiatives to broaden Nigeria’s global trade footprint, including the Regional Sealink Project, a public-private partnership focused on improving maritime logistics across West and Central Africa. Other initiatives are the promotion of Factoring Services to provide alternative export financing for SMEs, and the Joint Project Preparation Fund (JPPF), launched in partnership with Afreximbank to enhance the bankability of export projects.
Furthermore, the bank is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, all designed to unlock export potential and boost foreign exchange earnings.
NEXIM Bank concluded its statement with a commitment to national economic goals: The institution 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.
