NIGERIAN EXPORT CREDIT GUARANTEE AND INSURANCE CORPORATION ACT
Act · Trade
An Act establishes the Nigerian Export Credit Guarantee and Insurance Corporation to provide guarantees and insurance for Nigerian exporters. It targets exporters and banks lending to them. This facilitates access to finance and reduces export risks.
NIGERIAN EXPORT CREDIT GUARANTEE AND INSURANCE CORPORATION ACT
What Is This Policy?
An Act establishing the Nigerian Export Credit Guarantee and Insurance Corporation to provide export credit guarantees and insurance to Nigerian exporters, now the Nigerian Export-Import Bank (NEXIM Bank).
Who Does It Target?
Nigerian exporters seeking credit guarantee coverage Banks lending to exporters NEXIM Bank as the successor institution Federal Ministry of Finance
What Does It Aim to Achieve?
Facilitate access to export finance for Nigerian companies by providing government-backed guarantees and insurance against non-payment risk.
Key Features
Export Guarantees: Provides guarantees to banks lending to exporters, reducing lender risk. Export Insurance: Insures Nigerian exporters against foreign buyer non-payment. NEXIM Successor: Functions transferred to NEXIM Bank which continues this mandate. Trade Finance: Supports access to affordable trade finance for Nigerian exporters.
Current Status
Rollout Stage: Functions now in NEXIM Bank Coverage: Nigerian export sector Beneficiaries: Nigerian exporters; non-oil export growth Funding: Government capitalisation
How to Access
Exporters: access guarantee and insurance facilities through NEXIM Bank at https://www.nexim.gov.ng Banks: apply for NEXIM guarantee support for export lending Application method: Apply to NEXIM Bank at https://www.nexim.gov.ng
Official Resources
Website: https://www.nexim.gov.ng Contact: Nigerian Export-Import Bank (NEXIM Bank)
Legal Framework
Enacted under Section 4 of the 1999 Constitution. Operates alongside the Nigerian Export Promotion Council Act, the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, the Companies and Allied Matters Act 2020, and international trade finance standards including the ICC Uniform Rules for Demand Guarantees.