Experts seek N1trn share capital for NEXIM Bank reform
Stakeholders in Nigeria’s banking and financial sector have called for an increase in the share capital of the Nigerian Export-Import (NEXIM) Bank to N1 trillion, in order to enhance its capacity to support the country’s export financing needs and strengthen economic growth. The proposal was made on Wednesday during a public hearing organised by the […]
Stakeholders in Nigeria’s banking and financial sector have called for an increase in the share capital of the Nigerian Export-Import (NEXIM) Bank to N1 trillion, in order to enhance its capacity to support the country’s export financing needs and strengthen economic growth.
The proposal was made on Wednesday during a public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East).
The session focused on two bills — the National Insurance Commission Act (Repeal) and the (Insurance Regulatory Commission) Bill, 2025 (SB.394), and the Nigerian Export-Import Bank Act (Amendment) Bill, 2025 (SB.599).
Delivering the opening address on behalf of the Senate President, Godswill Akpabio, the Chief Whip of the Senate, Senator Tahir Monguno (APC, Borno North), described the hearing as “a covenant with Nigeria’s economic future.”
He emphasised that the two bills were “not mere legal documents but instruments of destiny,” capable of reshaping Nigeria’s economic landscape and positioning the nation competitively in the global economy.
Akpabio appealed to lawmakers to “legislate for posterity, not convenience,” stressing that the outcome of the hearing should yield laws that would stand the test of time.
During his presentation, the Managing Director of NEXIM Bank explained that the current share capital of N50 billion (approximately $33 million) was grossly insufficient to meet Nigeria’s growing export financing needs, and requested for an increase to N500 billion.
But representatives of the Capital Market Academics of Nigeria, urged a more ambitious target, recommending an increase to N1 trillion instead of N500 billion.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, also backed the proposed N1 trillion capita base.
Similarly, a representative of the Nigeria Deposit Insurance Corporation (NDIC) expressed the agency’s support for the N1 trillion capital base.
The Chief Executive of the Bank Directors Association of Nigeria, Mrs. Adebukola Orenuga, said commercial banks were ready to collaborate with NEXIM rather than compete, noting that synergy would boost financing opportunities for exporters.
The Ministry of Finance Incorporated (MOFI) also threw its weight behind the N1 trillion capital proposal and sought further clarification on the bill’s provisions regarding shareholding structures.
Key recommendations from the National Insurance Commission (NICOM) included expanding board expertise, introducing new regulatory powers, and setting clear timelines for annual levies.
Other stakeholders at the hearing called for the establishment of an Insurance Dispute Tribunal for enhanced efficiency.
In his closing remarks, Senator Abiru reaffirmed the committee’s commitment to inclusive, data-driven, and result-oriented legislation.