In its mission to boost non-oil export, the Nigerian Export-Import Bank (NEXIM) continues to make groundbreaking progress. Such wins are more pronounced now, with the tenure of its current MD/CEO, Mr. Abubakar A. Bello. Since he assumed leadership in April 2017, he has not only led the restoration of the bank’s financial stability but has fundamentally elevated its status as a key player in international trade.
At the start of his tenure, Mr. Bello wasted no time in introducing his core vision of “Produce, Add Value and Export (PAVE)”. In view of this, the bank has disbursed an estimated N420 Billion in concessionary financing to support non-oil exporters. The goal is to boost local product value in sectors like Shea processing, where NEXIM also financed several new industrial plants to meet global quality standards.
This move underscores his expertise as an international banking veteran determined to forge robust global and regional alliances. There is no surprise that he has successfully positioned NEXIM as an indispensable partner in the global effort to diversify Nigeria’s economy. MD Bello’s greatest impact is evident in the aggressive and successful pursuit of strategic international collaborations, ensuring NEXIM’s influence extends far beyond Nigeria’s borders.
Under Mr. Bello’s guidance, NEXIM has cemented a strategic partnership with the Export-Import Bank of the United States (U.S. EXIM Bank). This collaboration is a huge step towards unlocking vast trade opportunities and better bilateral relations between Nigeria and the US. The aim is to provide Nigerian exporters and U.S. buyers with more access to trade financing. This includes focused support for critical sectors like climate and sustainability, technology transfer, infrastructure development, and empowerment of women-owned businesses.
Notably, Mr. Bello has also placed Africa at the centre of NEXIM’s global tentacles, especially through the African Continental Free Trade Area (AfCFTA). He championed the Regional Sealink project, a flagship initiative and Public-Private Partnership (PPP) aimed at easing maritime logistics by closing infrastructure gaps across the West and Central African regions. By providing an alternative sea transport link, the Sealink project directly facilitates regional integration, reduces the high logistics costs, and significantly boosts bulk commodity trade. This project is expected to generate $500 million to $1.2 billion in annual bulk exports.
Furthermore, NEXIM made a calculated step to de-risk and boost the development of bankable export projects in Africa. Directed by MD Abubakar Bello, the bank collaborated with the African Export-Import Bank (Afreximbank) to establish a Joint Project Preparation Fund. This initiative is for providing early-stage funding and technical support for projects in key non-oil sectors like agro-processing and solid minerals, ensuring they meet international financing standards.
From engaging with global bodies, Mr Bello also ensured that NEXIM’s policies and operations live up to international best practices. His strategic vision has successfully transitioned NEXIM from a struggling Development Finance Institution (DFI) into a globally respected trade agent.
Mr Bello acknowledges the adage that “Charity begins at home”, hence, the success of NEXIM’s global partnerships rests on the foundation of a preceding internal realignment.
Having inherited a financially distressed institution, Mr Bello restored NEXIM’s profit and liquidity value through rigorous restructuring and recovery efforts. Currently, NEXIM’s Total Assets have surged to approximately N430 Billion. This is a solid financial base that inspires confidence from international partners.
Additionally, Mr. Bello introduced capacity building and inclusivity initiatives like the Women and Youth Export Facility (WAYEF). This led to strategic partnerships with domestic agencies like the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The aim is to make sure that the benefits of international trade are accessible to all and to prepare Nigerian MSMEs to fully leverage the AfCFTA and other global markets.
So far at NEXIM, Mr. Abubakar Bello’s leadership has been characterised by an ability to balance local developmental moves with much needed global action. He has secured collaborations with top international institutions and pioneered vital regional infrastructure like the Sealink. This way, he effectively positioned NEXIM as a well-rounded catalyst for trade and a reliable leader for Nigeria’s economic diversification on the world stage.
