| Nigerian Export-Import Bank | |
| Type: | Export credit agency |
| Founders: | --> |
| Hq Location: | NEXIM House 975 Cadastral Zone AO Central Business District Garki |
| Hq Location City: | Abuja |
| Hq Location Country: | Nigeria |
| Area Served: | Nigeria |
| Key People: | Abubakar A. Bello Managing Director & Chief Executive Officer |
| Owners: | Federal Government of Nigeria & Central Bank of Nigeria |
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]
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]
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).
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).[4] *Note: US$1.00 = NGN379.52 on 27 February 2021.
According to the bank's website, some of its core functions include the following:[4]
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".[4]
The financial institution is jointly owned by the CBN and MOFI, on a 50/50 basis.[4]
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).[5] *Note: US$1.00 = NGN379.52 on 27 February 2021.