The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ credit rating by Agusto & Co. Ltd., signalling confidence in its financial stability and operational resilience among development finance institutions in Nigeria.
The rating accompanies a report of significant profit growth, with the bank declaring an operating profit of N30.47 billion for 2024, more than double the N13.75 billion recorded in the preceding financial year.
Jointly owned by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), NEXIM was established to drive non-oil exports and support import-substituting enterprises across the country.
The bank’s 2024 financial statement indicated strong liquidity and capital adequacy ratios, alongside notable expansion in its loan and equity investment portfolios across manufacturing, agriculture, solid minerals, and service sectors.
Addressing reporters, NEXIM Managing Director, Mr Abba Bello, said the bank had intensified support for non-oil exporters, disbursing over N495 billion to various development finance projects.
“Our financing interventions have created and sustained more than 36,000 direct and indirect jobs nationwide, contributing to economic stability and inclusive growth across multiple sectors,” Bello stated.
Bello further outlined key initiatives aimed at strengthening trade infrastructure and export capacity. Among these is the Regional Sealink Project, a public-private maritime partnership intended to enhance logistics and trade across West and Central Africa through improved sea transport networks.
“Other ongoing efforts include promoting factoring services for small and medium enterprises and a Joint Project Preparation Fund (JPPF), launched in collaboration with Afreximbank, to improve the viability of large-scale export-oriented projects,” he added.
Bello also stressed the bank’s focus on specialised financing for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking Nigeria’s untapped mineral export potential.
