The Nigerian Export-Import Bank (NEXIM) has recorded a remarkable milestone, securing a Bbb+ rating from Agusto & Co. Limited, which resulted in the bank’s satisfactory financial condition and strong capacity to meet its obligations compared to other development finance institutions (DFIs) in Nigeria.
According to NEXIM, in a statement on Thursday, this impressive rating accompanies Bank’s remarkable financial performance, with the bank reporting an operating profit of ₦30.47 billion for the year ended 2024, more than double the ₦13.75 billion recorded in the previous year.
The Managing Director of the Bank, Mr Abba Bello said the growth emphasized NEXIM’s financial resilience and operational efficiency, driven by its intensified support for the non-oil export sector.
Highlighting its achievements, Mr. Bello said NEXIM has disbursed more than ₦495 billion to the non-oil export sector, facilitating the creation and sustenance of over 36,000 direct and indirect jobs across Nigeria.
According to the MD, the Bank has also maintained robust liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity instruments.
The statement reads in part, “NEXIM is driving several strategic initiatives, including: A public-private partnership aimed at improving maritime logistics across West and Central Africa.
“Providing alternative export financing options for small and medium-sized enterprises (SMEs).
“Joint Project Preparation (JPPF) A collaboration with Afreximbank to enhance the bankability of export projects.
“Developing contract mining, equipment leasing, and buyers’ credit/export credit agency (ECA) financing for the mining sector to unlock export potential and boost foreign exchange earnings”.
He reaffirmed NEXIM’s commitment to building local processing capacity and advancing Nigeria’s position in global trade by moving up the commodity value chain and enhancing non-oil export revenue.