Nigerian Export-Import Bank

The Nigerian Export-Import Bank (NEXIM) is an export credit agency in Nigeria, established in 1991. In its function, NEXIM focuses on the development and expansion of the non-oil sectors of the Nigerian economy, with a view to reducing the country's over-reliance on oil exports.[1]

Nigerian Export-Import Bank
TypeExport credit agency
FoundedJuly 1, 1991 (1991-07-01)
HeadquartersNEXIM House
975 Cadastral Zone AO
Central Business District
Garki,
Abuja
,
Nigeria
Area served
Nigeria
Key people
Abubakar A. Bello
Managing Director & Chief Executive Officer
OwnersFederal Government of Nigeria & Central Bank of Nigeria
Websitewww.neximbank.com.ng

Mission

The NEXIM mission is to increase the rate of export of non-oil product for both small, medium, and large enterprises in all sectors of the economy by providing funds, risk-bearing programs, and advisory services in line with government trade policy.[2]

Location

The headquarters of Nexim are located at NEXIM House, Central Business District, Garki, Abuja, Nigeria.[3] Nexim House is bordered by Kur Mohammed Avenue to the north, Ahmadu Bello Way to the east and Constitution Avenue to the south. Its geographical coordinates are: 09°03'44.0"N, 07°29'37.0"E (Latitude: 09.062222; Longitude:07.493611).[4]

Overview

NEXIM was established in 1991 as a joint venture between the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance Incorporated (MOFI), with an initial capital of NGN: 50,000,000,000 (approx. US$132 million in 2021 money).[5] *Note: US$1.00 = NGN379.52 on 27 February 2021.

According to the bank's website, some of its core functions include the following:[5]

1. "Provision of export credit guarantee and export credit insurance to qualifying clients".

2. "Provision of credit in local currency to its clients in support of exports".

3. "Maintenance of a foreign exchange revolving fund for lending to exporters who need to import foreign inputs to facilitate export production".

4. "Maintenance of a trade information system in support of export business".[5]

Ownership

The financial institution is jointly owned by the CBN and MOFI, on a 50/50 basis.[5]

Financial position

As of 31 December 2015, the bank's total assets were valued at NGN:64,731,403,000 (approx. US$170,562,000 in 2021 money), with shareholders' capital of NGN:41,150,885,000 (US$108,429,000).[6] *Note: US$1.00 = NGN379.52 on 27 February 2021.

See also

References
  1. This Day (2 November 2014). "NEXIM Bank: Closer to the Economy than Thought". This Day. Lagos. Archived from the original (Archived from the original on 2 April 2015) on 2 April 2015. Retrieved 27 February 2021.
  2. "About Us | Nigeria Export Import Bank". 20 February 2022. Archived from the original on 20 February 2022. Retrieved 21 February 2022.
  3. NEXIM (27 February 2021). "NEXIM Bank: Contact Us". Abuja: Nigerian Export-Import Bank (NEXIM). Retrieved 27 February 2021.
  4. Google (27 February 2021). "Location of NEXIM House, Central Business District, Abuja, Nigeria" (Map). Google Maps. Google. Retrieved 27 February 2021.
  5. NEXIM (27 February 2021). "NEXIM Bank: About Us". Abuja: NEXIM Bank (NEXIM). Retrieved 27 February 2021.
  6. NEXIM (April 2019). "Audited Financial Statement As of 31 December 2015" (PDF). Abuja: Nigerian Export-Import Bank (NEXIM). Retrieved 27 February 2021.

09°03′44″N 07°29′37″E

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