The Nigerian Export-Import Bank (NEXIM) is an export credit agency in

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of 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.

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.

Location

The headquarters of Nexim are located at NEXIM House, Central Business District, Garki,

Abuja Abuja (; , ) is the capital city of the Federal Republic of Nigeria, strategically situated at the geographic midpoint of the country within the Federal Capital Territory (Nigeria), Federal Capital Territory (FCT). As the seat of the Federal G ...

, Nigeria. 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).

Overview

NEXIM was established in 1991 as a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

between the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are t ...

(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). *Note: US$1.00 = NGN379.52 on 27 February 2021. According to the bank's website, some of its core functions include the following: 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".

Ownership

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

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). *Note: US$1.00 = NGN379.52 on 27 February 2021.

References

External links

Company Profile At Wand.com
As of April 2015.
NEXIM Bank: Positioning The Economy For Post Crisis Performance
As of November 2020. {{coord, 09, 03, 44, N, 07, 29, 37, E, display=title Export credit agencies Abuja Banks of Nigeria Banks established in 1991 1991 establishments in Nigeria Foreign trade of Nigeria