By Jennete Ugo Anya
For decades, Nigeria’s economy has leaned on oil. But a quiet transformation is underway – driven by new industries, bold entrepreneurs, and institutions ready to back them. Leading that charge is the Nigerian Export-Import (NEXIM) Bank, now emerging as one of the strongest champions of the country’s non-oil growth story.
The bank recently announced an impressive N30.47 billion operating profit for 2024, more than double what it achieved the previous year. That kind of leap tells a bigger story: one of growing confidence in Nigeria’s non-oil export market and in the businesses pushing the nation toward a more balanced economy.
Adding to the momentum, Agusto & Co. Ltd., a top Nigerian rating agency, awarded NEXIM a Bbb+ rating, affirming its strong financial footing and solid governance. For the bank, it’s both recognition and responsibility- proof that its steady focus on export development is paying off.
Under the leadership of Mr. Abba Bello, NEXIM has become more than a lender. It is now a driver of inclusive growth, supporting manufacturers, farmers, miners, and service providers looking to expand beyond local borders. In 2024 alone, the bank disbursed over N495 billion, helping to create and sustain more than 36,000 jobs nationwide.
“Our interventions are not just about financing,” Mr. Bello said. “They’re about enabling growth and strengthening Nigeria’s role in global trade.”
One of NEXIM’s standout initiatives is the Regional Sealink Project, a maritime partnership designed to cut trade costs and boost regional connectivity across West and Central Africa. In improving sea transport routes, the project promises to make exports faster, cheaper, and more competitive.
The bank is also widening access to finance through factoring services, allowing small and medium-sized enterprises to unlock cash flow and expand their trade capacity. Its collaboration with the African Export-Import Bank (Afreximbank) under the Joint Project Preparation Fund (JPPF) further signals a new phase of ambition – helping to make Nigerian-led export projects viable and attractive to investors.
In the solid minerals sector, NEXIM is deploying targeted financing models, including contract mining support and equipment leasing, to help local operators tap into Nigeria’s vast mineral wealth. “The opportunities in mining are immense,” Mr. Bello noted. “We want Nigeria to fully benefit from them.”
International partners are also taking note. In a recent courtesy visit, the Arab Bank for Economic Development in Africa (BADEA), led by Mr. Cedrick Montetcho, met with NEXIM executives to explore ways to deepen trade and development ties. Both institutions plan to sign a Memorandum of Understanding (MoU) to drive joint projects that will strengthen economic cooperation across Africa.
As NEXIM celebrates a profitable and purposeful year, the story is bigger than numbers. It’s about an institution proving that Nigeria’s strength doesn’t have to come from oil alone. With every factory it finances and every exporter it supports, NEXIM is quietly powering a comeback – one that could define Nigeria’s economic future.
