NEXIM Bank secures “BBB+” rating and posts ₦30.47bn profit in 2024, boosting support for Nigeria’s non-oil exports.
The Nigerian Export-Import Bank (NEXIM) has secured a “BBB+” credit rating from leading rating agency Agusto & Co., underscoring its strong financial standing and credibility as one of Nigeria’s top development finance institutions.
For the 2024 financial year, NEXIM recorded an operating profit of N30.47 billion, more than double the N13.75 billion it posted in 2023. The Bank attributes the growth to resilience, efficiency, and continued support for Nigeria’s non-oil export sector.
Jointly owned by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), NEXIM has disbursed over N495 billion across manufacturing, agriculture, solid minerals, and services. These interventions, the Bank says, have created and sustained more than 36,000 jobs.
Driving Non-Oil Export Growth
Some of the Bank’s flagship initiatives include:
- Regional Sealink Project – improving shipping and logistics across West and Central Africa.
- Factoring Services – offering new financing options for SMEs in export trade.
- Joint Project Preparation Fund (JPPF) with Afreximbank – enhancing the bankability of export projects.
- Mining Sector Financing – supporting contract mining, equipment leasing, and buyer’s credit to unlock mineral export potential.
Managing Director Abba Bello said NEXIM remains focused on building processing capacity and strengthening value addition in Nigeria’s non-oil sectors.
“Our goal is to move Nigeria higher up the value chain and significantly increase foreign exchange earnings from non-oil exports,” Bello stated.
With its improved credit rating and rising profitability, analysts say NEXIM is positioned to play a bigger role in diversifying Nigeria’s economy and reducing dependence on crude oil revenues.
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