Business

Freight train service deepens China-Europe cooperation amid pandemic

Published

5 years ago

July 3, 2020

John Okeke

On June 29, a Yiwu-Madrid express train carrying 70 TEU containers of pandemic prevention materials arrived in Madrid, Spain. The goods, including 25.05 million masks and 400,000 sets of protective clothing, weighed 257 tons.

“These materials are very valuable. They support us in strengthening epidemic prevention and control and create a safe environment for resumption of production,” said the Spanish manager of DSV, a Danish transport and logistics company.

Spain has a rising demand for pandemic prevention materials, and the China-Europe freight train service has obvious advantages in material transportation. It is reliable and convenient, he added.

Wu Haitao, the Chinese ambassador to Spain, said the Yiwu-Madrid express train carrying medical materials is a living proof of international anti-coronavirus cooperation.

Since the COVID-19 outbreak, the freight trains have been playing a crucial role in supporting Europe’s anti-pandemic fight by opening “green passages” for the transport of important supplies and raw materials.

Over the course of the first six months of the year, freight trains have made a total of 294 trips along the Yiwu-Madrid line, carrying 24,466 TEU containers, up 117.1 percent year-on-year.

Carlos Santana, who is responsible for the company operating the Yiwu-Madrid line in Spain, said that railway transport has been proven to be a bridge of strengthening anti-pandemic cooperation, while deepening friendship between the two countries.

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

3 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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