NIGERIAN IMPORT-EXPORT BANK

The Nigerian Export-Import Bank (NEXIM) was established by Act 38 of 1991 as an Export Credit Agency (ECA) with a share capital of N500, 000,000 (Five Hundred Million Naira) held equally by the Federal Government of Nigeria and the Central Bank of Nigeria. The Bank which replaced the Nigerian Export Credit Guarantee & Insurance Corporation earlier set up under Act 15 of 1988, has the following main statutory functions: -

• Provision of export credit guarantee and export credit insurance facilities to its clients.
• Provision of credit in local currency to its clients in support of exports.
• Establishment and management of funds connected with exports.
• Maintenance of a foreign exchange revolving fund for lending to exporters who need to import foreign inputs to facilitate export production.
• Maintenance of a trade information system in support of export business.
• Provision of domestic credit insurance where such a facility is likely to assist exports.

The Bank presently provides short and medium term loans to Nigerian exporters. It also provides short term guarantees for loans granted by Nigerian Banks to exporters as well as credit insurance against political and commercial risks in the event of non-payment by foreign buyers. The Bank is also the government’s National Guarantor under the ECOWAS Inter-state Road Transit programme.

The Bank’s authorized capital as at December 31 2006 was N50.0 billion with a fully paid-up portion amounting to N11.00 billion.

Services Includes

1. Direct Lending Facility
2. ECOWAS Interstate Road Transit Facility
3. Export Credit Guarantee Facility
4. Export Credit Insurance Facility
5. Export Trade Support Facility (Product would take off soon)
6. Foreign Input Facility
7. Local Input Facility
8. National Directorate of Employment Facility
9. National Sesame Seeds Programme
10. Rediscounting and Refinancing Facility
11. Special Cassava Export Credit Facility
12. Stocking Facility
13. Textile Development Fund...