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
Company typeExport credit agency
FoundedJuly 1, 1991; 33 years ago (1991-07-01)
HeadquartersNEXIM House
975 Cadastral Zone AO
Central Business District
Garki, ,
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

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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

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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

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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

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

Financial position

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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

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References

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  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. ^ a b c d 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.
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09°03′44″N 07°29′37″E / 9.06222°N 7.49361°E / 9.06222; 7.49361