NEXIM's Profit Soars to N30.47 Billion as Nigeria's Trade Bank Fuels Economic Growth
The Nigerian Export-Import Bank (NEXIM) has reported strong financial growth and expanded its support for key sectors of the economy. In 2024, the bank more than doubled its operating profit, reaching N30.47 billion compared to N13.75 billion the previous year. Owned jointly by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), NEXIM continues to drive development through targeted financing and strategic projects. Under the leadership of Managing Director Mr. Abba Bello, NEXIM has disbursed over N495 billion in development finance interventions. These funds have supported industries such as manufacturing, agriculture, solid minerals, and services. The bank's efforts have also helped create and sustain more than 36,000 direct and indirect jobs across the country.
The bank is actively involved in major infrastructure initiatives, including the Regional Sealink Project. It has also launched a Joint Project Preparation Fund (JPPF) in partnership with Afreximbank. Beyond infrastructure, NEXIM promotes factoring services for small and medium-sized enterprises (SMEs) to boost their growth. To strengthen Nigeria's trade position, NEXIM is developing specialised financing models for the mining sector. Options like Contract Mining, Equipment Leasing, and Buyers' Credit/ECA Financing aim to enhance local processing and increase foreign exchange earnings. The bank's loan and equity portfolios have expanded, reflecting its commitment to diversifying the economy beyond oil. NEXIM's financial stability was further confirmed by a Bbb+ rating from Agusto & Co. Ltd. This recognition supports the bank's mission to improve Nigeria's global trade standing through value addition in non-oil exports.
NEXIM's financial performance and strategic projects highlight its role in Nigeria's economic development. With a focus on job creation, infrastructure, and export growth, the bank's interventions are designed to strengthen local industries and increase foreign earnings. The bank's strong rating and profit growth position it as a key player in Nigeria's trade and finance sectors.
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