NEXIM Bank Declares N30.47bn Operating Profit

The Nigeria Export-Import Bank (NEXIM) has reported an awesome operating nett of N30.47 cardinal for the fiscal twelvemonth ending 2024, a important summation from N13.75 cardinal successful the erstwhile year, signalling beardown maturation and resilience amid challenging economical conditions.

The slope has besides been assigned a Bbb+ standing by starring recognition standing bureau Agusto & Co. Limited, affirming its satisfactory fiscal information and beardown capableness to conscionable obligations comparative to different improvement concern institutions (DFIs) successful Nigeria.

The maturation underscores the bank’s fiscal resilience and operational efficiency.

Established to beforehand Nigeria’s non-oil exports and enactment import-substituting businesses, NEXIM is wholly owned by the Federal Government of Nigeria, done adjacent shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The slope has maintained beardown liquidity and superior adequacy ratios, with notable maturation successful its indebtedness publication and equity instruments. Key sectors supported see manufacturing, agriculture, coagulated minerals, and services.

According to the bank’s managing director, Abba Bello, NEXIM has intensified its involution successful the non-oil export sector, disbursing implicit N495 billion, which has led to the instauration and sustenance of implicit 36,000 nonstop and indirect jobs.

The slope said it was presently driving cardinal initiatives, including a determination Sealink task done a public-private concern aimed astatine improving maritime logistics crossed West and Central Africa; providing alternate export financing options for SMEs; and a associated task mentation money that was launched successful concern with Afreximbank to heighten the bankability of export projects.

Additionally, NEXIM said it was processing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, designed to unlock export imaginable and boost overseas speech earnings.

“NEXIM Bank remains committed to gathering section processing capableness and advancing Nigeria’s presumption successful planetary commercialized by moving up the commodity worth concatenation and enhancing non-oil export revenue,” NEXIM said successful a connection yesterday.