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The Nigerian Export Import Bank (NEXIM), which was almost moribund and had nearly disappeared from the consciousness of many Nigerians and businesses, has resurged from the crypt, roaring to live up to its billing as the nation’s export development bank. SULAIMON OLANREWAJU reports.
FROM a financial institution enmeshed in insolvency and battling with irrelevance, the Nigerian Export Import Bank (NEXIM) Bank has become a profitable enterprise, posting impressive returns.
As an export credit agency established in 1991 to facilitate non-oil export, NEXIM started on a promising note. But along the line, the company headed south, piling up non-performing loans and posting losses. This got to a head in 2016 when the bank recorded a loss of N8.03bn. The following year, 2017, the loss was reduced to N567 million.