The Nigerian Export Import Bank (NEXIM) has secured a Bbb+ rating from Agusto & Co. Ltd., reflecting its strong financial standing and reliability among development finance institutions in Nigeria.
This achievement comes alongside the bank’s impressive financial performance, with NEXIM declaring an operating profit of N30.47 billion for the 2024 financial year.
This represents a significant increase from the N13.75 billion recorded in the previous financial year, signaling improved efficiency and financial resilience. NEXIM’s Managing Director, Abba Bello, emphasized the bank’s commitment to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non oil export revenues by moving up the commodity value chain.
NEXIM has disbursed over N495 billion to various projects in key sectors, including manufacturing, agriculture, solid minerals, and services. These interventions have created and sustained more than 36,000 direct and indirect jobs nationwide. The bank’s initiatives include the Regional Sealink Project, a public private maritime partnership designed to strengthen logistics and trade across West and Central Africa through better sea transport networks.
The bank has also introduced Factoring Services, offering alternative export financing solutions for SMEs. Additionally, NEXIM has implemented a Joint Project Preparation Fund (JPPF) in partnership with Afreximbank to enhance the bankability of export projects. The bank is also developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing.
NEXIM’s Managing Director noted that the bank’s growth underscores its financial resilience and operational efficiency. “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,” he said.
The bank’s achievement is a testament to its strong financial management and commitment to promoting Nigeria’s non oil exports and supporting import substituting businesses. With its renewed drive, NEXIM Bank is poised to play a bigger role in diversifying Nigeria’s economy and reducing dependence on crude oil revenues.