NEXIM Bank doubles profit to N30.47bn, strengthens export financing drive

The Nigerian Export-Import Bank (NEXIM) has posted an operating profit of N30.47 billion for 2024, more than double the N13.75 billion recorded in 2023, highlighting its growing financial strength and role in driving non-oil exports.

In a statement, the bank said its improved performance also earned it a “Bbb+” rating from Agusto & Co, underscoring its strong capacity to meet obligations compared with other development finance institutions.

Jointly owned by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated, NEXIM attributed the results to increased interventions in manufacturing, agriculture, solid minerals, and services.

Managing Director Abba Bello said the bank had disbursed more than N495 billion to Nigerian businesses, helping sustain over 36,000 jobs. He added that flagship projects such as the Regional Sealink initiative, Factoring Services, and a Joint Project Preparation Fund with Afreximbank had further bolstered growth.

Looking ahead, Bello disclosed that NEXIM is developing new financing schemes targeted at the mining sector to unlock export potential and boost foreign exchange earnings for the economy.