NIGERIAN EXPORT-IMPORT BANK ACT

An Act establishes the Nigerian Export-Import Bank as the official export credit agency that provides financing, guarantees, and insurance for Nigerian exports. It targets exporters of manufactured goods, banks, and SMEs seeking trade finance. This promotes non-oil export growth by reducing risks in transactions.

What Is This Policy?

An Act establishing the Nigerian Export-Import Bank (NEXIM Bank) as the official export credit agency providing financing, guarantees, and insurance to support Nigerian exports.

Who Does It Target?

Nigerian exporters of manufactured and processed goods Banks seeking export credit guarantee cover The Federal Ministry of Finance as supervising ministry SME exporters seeking trade finance

What Does It Aim to Achieve?

Facilitate access to competitive export financing for Nigerian companies, reduce risks in export transactions through guarantees and insurance, and promote non-oil export growth.

Key Features

Export Financing: Provides pre-and post-shipment financing to Nigerian exporters at concessional rates. Export Credit Guarantees: Issues guarantees to banks lending to exporters, reducing lending risk and improving access to credit. Export Credit Insurance: Insures Nigerian exporters against non-payment by foreign buyers. Trade Information: Provides market information and advisory services to Nigerian exporters.

Current Status

Rollout Stage: Active Coverage: Nationwide export sector Beneficiaries: Nigerian exporters; non-oil export growth Funding: Federal Government capitalisation; revolving fund

How to Access

Apply for NEXIM facilities directly or through your commercial bank Provide export documentation and business plan Comply with NEXIM's eligibility and repayment terms Application method: Apply at https://www.nexim.gov.ng

Important Terms

NEXIM facilities are for export-related activities only — not domestic operations Diversion of NEXIM funds to non-export purposes constitutes fraud Export credit insurance must be in place before shipment to be valid

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 Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, the Export (Incentives and Miscellaneous Provisions) Act, the Nigerian Export Promotion Council Act, and the Berne Union guidelines on export credit insurance.