NEXIM bank records ₦30.47bn profit in 2024
…secures Bbb+ Rating from Agusto & Co.
The Nigerian Export-Import Bank (NEXIM) has posted an operating profit of ₦30.47 billion for the 2024 financial year, representing more than double the ₦13.75 billion recorded in the previous year.
The performance highlights the Bank’s financial resilience and operational efficiency in delivering on its development finance mandate.
Reflecting this growth, Agusto & Co. Limited, a leading credit rating agency, assigned NEXIM Bank a Bbb+ rating, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
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Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has continued to maintain robust liquidity and capital adequacy ratios, with notable expansion in its loan book and equity instruments. Its financing interventions cut across key sectors, including manufacturing, agriculture, solid minerals, and services.
According to Abba Bello, the bank’s Managing Director, NEXIM has intensified support for non-oil exporters, disbursing over ₦495 billion, which has created and sustained more than 36,000 direct and indirect jobs.
Among the Bank’s flagship initiatives are: The Regional Sealink Project, a public-private partnership aimed at improving maritime logistics across West and Central Africa.
Promotion of Factoring Services, providing alternative export financing for SMEs.
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Joint Project Preparation Fund (JPPF), launched in partnership with Afreximbank to enhance the bankability of export-oriented projects.
Tailored Mining Finance Schemes, including contract mining, equipment leasing, and buyers’ credit/export credit agency (ECA) financing, designed to unlock the sector’s export potential.
Bello reiterated that NEXIM remains committed to strengthening local processing capacity, boosting foreign exchange inflows, and advancing Nigeria’s position in global trade by moving the country up the commodity value chain.
