By. Musa Ibrahim
NEXIM Bank stepped into the 2025 Lagos International Trade Fair with a clear message that Nigeria’s non-oil export engine is ready for a stronger push, and the institution at the heart of that mission is preparing for a major transformation. The Bank’s presence at Tafawa Balewa Square, where staff welcomed visitors and promoted export finance solutions across agriculture, manufacturing, and creative sectors, came at a crucial moment in Nigeria’s economic story. Non-oil exports rose by 19.6 percent in the first half of 2025 to 3.225 billion dollars, according to the Nigerian Export Promotion Council, signaling renewed momentum in the diversification drive.
NEXIM’s booth buzzed with activity as exporters and prospective traders engaged with the bank’s team, seeking pathways to new markets. Banners highlighted financing options for cocoa, cashew, urea, processed foods, and creative goods. The bank encouraged visitors to explore funding windows that help Nigerian businesses scale into the global value chain. “Our participation reflects the bank’s commitment to promoting Nigeria’s non-oil exports, empowering businesses, and facilitating trade growth across Africa and beyond,” the bank stated, inviting entrepreneurs to learn more about tailored export financing solutions.
For many exhibitors, the proposed NEXIM reforms are not abstract policy debates but practical steps that could change their business trajectory. Exporters at the fair noted that a stronger NEXIM, backed by a trillion-naira balance sheet and an Export Development Fund, could ease access to credit, open new regional markets, and reduce their dependence on oil-linked government cycles.
While the trade fair showcased NEXIM’s work on the ground, the more decisive development was unfolding in Abuja. The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru, held a public hearing on the Nigerian Export-Import Bank Act Amendment Bill. The proposal seeks to increase NEXIM’s capital from N50 billion to N1 trillion, diversify its board, and establish an Export Development Fund that would boost non-oil exports and attract foreign investment. The significance was not lost on the Senate President, Godswill Akpabio, who described the reforms as a covenant with Nigeria’s economic future. Represented by Senator Tahir Monguno, he said, “The NEXIM Bank is not just a bank; it is a bridge between our factories and the world. It must be empowered to lead, not just to lend.”
Stakeholders agreed that the moment demanded bold reforms. Senator Abiru said the proposed laws would modernise outdated frameworks and make Nigeria’s financial system more transparent, competitive, and aligned with global standards. “Effective lawmaking is never a solitary process,” he said. “We are here to critically examine both bills and ensure they align with our national goals of economic transformation and financial stability.” The Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, joined NEXIM executives and private sector players in endorsing the amendment, calling it essential for competitiveness under regional and global trade systems.
For NEXIM’s Managing Director, Mr. Abba Bello, the stakes could not be clearer. He reminded lawmakers that the bank’s 33-year-old establishing law had outlived current realities. He explained that the present capital of N50 billion, roughly $US33 million, was far too small for an economy of Nigeria’s size, adding, “We fully support the proposal to raise the capital base to at least N500 billion and ideally N1 trillion, to enable NEXIM deliver on its mandate.” Mr. Bello also backed reforms that would separate the roles of the Central Bank from NEXIM’s board leadership and create an Export Development Fund that would energise export-oriented businesses across the country.
Academics, manufacturers, and financial regulators echoed his concerns. The Capital Market Academics of Nigeria argued that the minimum capital should be N1 trillion to match the financial strength of peer institutions in India, China, and South Africa. The group stated, “NEXIM’s undercapitalisation has limited its impact and excluded it from global credit ratings.” Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the creation of an Export Promotion Trust Fund as “a masterstroke” that would give exporters access to funding for raw materials, logistics, and capital goods. The Nigeria Deposit Insurance Corporation pushed for a seat on NEXIM’s board and called for stronger accountability measures for the fund.
The discussion widened to the second bill under review, the Insurance Regulatory Commission Bill, which seeks to replace the 1997 NAICOM Act. Mr. Omosehin said that the new law would reflect modern realities by empowering regulators to supervise digital insurance platforms and merge failing institutions. A major highlight was the proposed Insurance Dispute Resolution Tribunal, which stakeholders described as a transformative reform that would enhance trust. Mr. Omosehin said, “The tribunal will provide quick, affordable and professional redress to policyholders. It will restore trust in the system and encourage more Nigerians to embrace insurance.”
