The Nigerian Senate has thrown its weight behind a proposal to boost the Nigerian Export-Import Bank’s (NEXIM) capital base from ₦50 billion to ₦1 trillion, while also supporting reforms aimed at modernising the country’s insurance regulatory framework.

Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, made the announcement at a public hearing on Wednesday at the National Assembly Complex. The session focused on the Nigerian Export-Import Bank (Amendment) Bill, 2025 (SB. 599) and the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, 2025 (SB. 394).

Abiru noted that the 1991 NEXIM Act no longer reflects the realities of modern trade and finance. The proposed amendments aim to strengthen the bank’s capacity to support non-oil exports, empower small and medium enterprises, and provide trade financing aligned with global best practices.

“The current law is over three decades old and does not address today’s economic or technological realities. This reform will reposition NEXIM to better serve Nigeria’s strategic trade objectives,” Abiru said.

The senator also highlighted the need to overhaul the insurance regulatory framework. The new bill proposes a stronger, more responsive Insurance Regulatory Commission to address emerging trends such as fintech-driven insurance products and digital policy platforms.

“These Bills reflect the Senate’s commitment to modernising our financial institutions, enhancing oversight, and aligning Nigeria’s financial sector with global standards of governance and transparency,” Abiru added.

The Honourable Minister for Trade and Investments, Jumoke Oduwole, praised the Senate for supporting President Bola Ahmed Tinubu’s vision of a one-trillion-dollar economy. Similarly, Olusegun Omosehin, Commissioner for Insurance and Chief Executive of the National Insurance Commission, commended the Abiru-led committee for creating a regulatory framework that positions the sector for growth.

NEXIM Managing Director, Abba Bello, endorsed the creation of an export development fund to enhance the bank’s operational effectiveness, noting that non-oil exports currently contribute less than 10% of Nigeria’s foreign exchange earnings due largely to inadequate financing.

Abiru assured stakeholders that all submissions from the hearing would be carefully considered in the committee’s report, underscoring the Senate’s commitment to a modern, globally competitive financial sector.