Senate Moves to Strengthen Nigerian Export-Import Bank, Targets N1 Trillion Capital Base

By Diafa Doubra,

The Nigerian Senate has taken a major step toward boosting the nation’s trade and export financing capacity with a proposal to raise the capital base of the Nigerian Export-Import Bank (NEXIM) to ₦1 trillion.

The move, according to lawmakers, aims to enhance the bank’s ability to support export-oriented businesses and promote non-oil trade, which has become crucial for stabilizing the economy amid fluctuating oil revenues.

During the plenary session, senators emphasized that increasing NEXIM’s capital would provide the financial muscle needed to help small and medium-scale exporters compete globally and access new markets. The initiative is also expected to attract foreign investors and strengthen Nigeria’s position in the African Continental Free Trade Area (AfCFTA).

Lawmakers urged swift implementation, stressing that a robust export financing framework is key to achieving long-term economic growth and reducing reliance on crude oil exports.