The Nigerian Export-Import Bank (NEXIM) has secured a Bbb+ rating from Agusto & Co. Ltd., affirming its strong financial condition and satisfactory capacity to meet obligations among development finance institutions (DFIs) in the country.

In its 2024 financial report, the bank declared an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year.

NEXIM, jointly owned by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), was established to promote non-oil exports and support import-substituting businesses.

The bank reported strong liquidity and capital adequacy ratios, alongside notable growth in its loan portfolio and equity investments across sectors such as manufacturing, agriculture, solid minerals and services.

Mr Abba Bello, Managing Director of NEXIM, said the bank had intensified interventions in the non-oil export sector, disbursing over ₦495 billion.

Bello added that the interventions had created and sustained more than 36,000 direct and indirect jobs.

According to him, the bank is also implementing several key initiatives, including the Regional Sealink Project, a public-private partnership aimed at improving maritime logistics across West and Central Africa.

Other initiatives are the promotion of factoring services to expand export financing options for small and medium-sized enterprises (SMEs) and the Joint Project Preparation Fund (JPPF) launched with Afreximbank to enhance the bankability of export projects.

Bello further disclosed that NEXIM was designing tailored financing schemes for the mining sector such as Contract Mining, Equipment Leasing and Buyers’ Credit/ECA Financing to unlock the sector’s export potential.

He said the bank remained committed to strengthening local processing capacity, boosting foreign exchange earnings and enhancing Nigeria’s position in global trade through value addition in the non-oil export sector.