Since its inception in 1991, NEXIM Bank has provided N63 billion ($40 million) to over 400 projects in the country, providing companies with affordable finance in order to boost their export capacity.
This is part of the yeoman’s job, being done at the non-oil export bank by the MD/CEO, Abba Bello. Abba Bello, a member of the Chartered Institute of Bankers Nigeria. Abba Bello, has led the initiative of the NEXIM bank in conjunction with relevant stakeholders.
He has broadened the scope of the credit offering by the bank to guarantee credits for both export and import as well as credit insurance and has led the bank into agreements with some serious partners. Through his leadership, the bank has generated billions of nairan in foreign exchange earnings. He has equally contributed to national and international policies.
The volume of goods and services that Nigeria produces and sells to other countries has impacted the strength of its local economy. A strong export base is being built by NEXIM, which has promoted national self-reliance, creates jobs, ensures efficient resource allocation and capital formation for a country.
The good news is that Nigeria is on the same path, as some Asian countries, albeit with mixed results and plenty of room for improvement. Since 1991, Nigeria has pursued an export led strategy. This includes emphasis on non-oil exports such as Cocoa, Groundnut, Cotton, Palm Produce, Rubber and Grains owing to perennial fluctuations in the prices of oil in the international market.
The Nigerian Export-Import Bank (NEXIM) since 1991 has ensured sustainable growth of non-oil exports. Designed as an export credit agency, NEXIM provides finance and risk bearing services to exporters and has over the years played a leading role in defining the country’s export market.
In April 2017, the Buhari administration appointed a new management for the bank under the leadership of Mr. Abba Bello, a seasoned banker with over 28 years’ experience. The team inherited a huge portfolio of non-performing loans, weak internal processes, dwindling confidence in the bank by partners – regional and international- and a lack of professionalism in the conduct of the bank’s business.
Seven years on now and the turnaround is remarkably manifest. From implementing a strategic re-alignment of business focus, aggressive debt recovery drive to the execution of bold initiatives to bolster its impact on non-oil exports, the Abba Bello management team is breaking new ground and repositioning the bank as a catalyst for growing the country’s non-oil export market.
An example of his re-alignment is the recent visit of a team from the bank at the 2024 Seplat Vendors Forum, actively participating at the forum, which took place on 13th of November, 2024 in Lagos.
Likewise, NEXIM Bank joined other stakeholders at the 3rd National Conference on Non-oil Export to discuss strategies towards building a resilient non-oil export sector in Nigeria.
The two day event organized by the Nigerian Export Promotion Council (NEPC) which took place at the State House Banquet Hall in Abuja from the 12th-13th November, 2024 aligns with our mission to drive economic diversification and foster sustainable economic development.
Dr. Babagana Musti, who led the NEXIM Bank delegation, delivered a goodwill message on behalf of the MD/CE, Mr. Abba Bello.
Early in July, the Managing Director of Metal Manufacturing Nigeria Limited, Mr. Kumar Saraf, and the CFO, Mr. Vikash Kumar, paid a courtesy call to the Management of NEXIM Bank earlier in the day.
During the visit, the Executives of MMNL provided the following insightful updates on the company’s remarkable growth and performance:
The NEXIM Bank Facility has tremendously increased the company’s production capacity as it currently produces over 25,000 batteries on a monthly basis.
The MMNL flagship brand, “Starplus,” is the best-seller in the local market, while an average of 4,000 batteries are exported to Ghana and other ECOWAS countries on a monthly basis.
The company has invested heavily in forward integration as it produces the plastic battery cases and has thus far, secured 10 Original Equipment Manufacturing (OEM) customers who previously imported batteries.
MMNL is in the process of commencing a backward integration project, which would entail the mining of lead and setting up a beneficiation plant in Abakaliki, Ebonyi State.
The proposed project would ensure sustainable raw material supply and an increased export capacity.
NEXIM Bank is committed to supporting businesses like MMNL in their growth and expansion efforts.
Mr. Abba Bello has brought to his role renewed zeal and diligence to enhance NEXIM’s mandate of providing finance, risk mitigation services, accurate trade and market information, as well as export advisory services to Nigerians in full support of the economic development agenda of his administration.
The Nigerian Export-Import Bank in recent times entered into a $1bn trade facilitation pact with the African Export-Import Bank for Nigeria and other West African countries.
The signing of the Memorandum of Understanding was one of the highpoints of events during the inaugural Intra-African Trade Fair in Cairo, Egypt.
A statement from NEXIM Bank explained that the MoU would be implemented under the Nigeria-Africa Trade and Investment Promotion Programme to support trade and investment flows between Nigeria and other African countries.
Under the agreement, AFREXIM will provide a $1bn Line of Credit, which will be disbursed by NEXIM to qualifying beneficiary projects and transactions in support of intra-African trade and investments.According to the MoU, the fund is available to support the growth of trade between Nigeria and other African countries with special emphasis on value addition, particularly in primary goods and commodities.
The statement said the $1bn would assist in enhancing local earnings and jobs creation.
The fund, it added, is also available to support capital and investment flows as well as projects being sponsored by Nigerians in other countries.
While speaking during the signing, the Managing Director/Chief Executive of NEXIM, Abba Bello, said the deal would go a long way in boosting access of Nigerian exporters to investment capital and investment guarantee instruments, including the Small & Medium Enterprises.
He said through the pact, the bank would be able to promote intra-African trade and increase the volume of formal trade.
In implementing this programme, the MD also highlighted that the NEXIM bank would be working with all stakeholders, including exporters, investment partners as well as other financial institutions, both domestic and foreign to realize the NATIPP programme objectives.
The Abba Bello Management Team has successfully steered NEXIM from the brink of insolvency to profitability in three years. From posting a loss of N8.03billion in 2016, another loss of N569m in 2017, the bank has reversed the trend to record consecutive profits of N1.09billion in 2018 and N2.03bn in 2019.Kudos to Abba Bello and his team.
