Nigerian ECA NEXIM and the burden of transformation

(This Day Live, Lagos, 24 February 2013) In a world increasingly defined by economic strength at the individual or national level, it is imperative to recognise institutions that make national economic growth possible. In Nigeria, such Institutions include the Nigeria Export and Import Bank (NEXIM), an export credit agency (ECA), offering support to Nigerian exporters who need to raise capital for their businesses. The management has turned around its losses and reported an audited profit of N189m (US$1.2m). The African Development Bank (AfDB) agreed at the end of January to provide a sovereign-guaranteed multi-tranche line of credit of US $200 million to NEXIM to support the modernization and expansion of export-oriented small and medium enterprises (SMEs).