NEXIM Bank Secures Bbb+ Rating, Declares N30.47bn Operating Profit

•Bello: We’ve disbursed N495 billion to non-oil exporters, created 36,000 jobs

James Emejo in Abuja

Nigerian Export-Import Bank (NEXIM) has 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 the country.

The milestone came as the bank reported an impressive N30.47 billion operating profit for the 2024 fiscal year, a significant increase from N13.75 billion in the previous year.

The feat further underscored the bank’s financial resilience and operational efficiency.

Reacting to the bank’s performance, Managing Director/Chief Executive, NEXIM, Mr. Abba Bello, said the development finance institution had intensified its intervention in the non-oil export sector, disbursing over N495 billion, which had led to the creation and sustenance of over 36,000 direct and indirect jobs.

In a statement issued yesterday, Bello listed key initiatives being driven by the bank, including the regional sealink project – a public-private partnership aimed at improving maritime logistics across West and Central Africa; promotion of factoring services, aimed at alternative export financing options for SMEs; and the Joint Project Preparation Fund (JPPF), launched in partnership with Afreximbank to enhance the bankability of export projects.

The statement said NEXIM was also 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 reaffirmed the bank’s commitment 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.

It said the bank had maintained strong liquidity and capital adequacy ratios, with notable growth in its loan book and equity instruments, supporting key sectors, including manufacturing, agriculture, solid minerals, and services.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the federal government through equal shareholding by Central Bank of Nigeria (CBN) and Ministry of Finance Incorporated (MOFI).