Business
Fostering a Strategic Collaboration Between FMITI and BPE to Drive Nigeria’s Industrial Growth
The Honourable Minister of State for Industry, Federal Ministry of Industry, Trade, and Investment (FMITI), has reaffirmed the government’s commitment to sustainable industrial growth following a high-level briefing by the Bureau of Public Enterprises (BPE) on the 26th of Nov. The meeting underscored the crucial role of privatization and reform in revitalizing Nigeria’s industrial and manufacturing sectors.
The Minister emphasized the importance of aligning BPE’s privatization objectives with FMITI’s vision of boosting industrial productivity and economic diversification. With a focus on promoting efficiency in previously privatized entities, the Ministry aims to ensure these assets contribute meaningfully to job creation, value addition, and economic growth.
Discussions highlighted the need to optimize operations in sectors such as sugar and automotive manufacturing, which currently operate below capacity. Collaborative efforts between FMITI and BPE will target barriers to growth while fostering backward integration and encouraging local production.
Acknowledging BPE’s role in facilitating reforms, the Minister reiterated the critical need for workforce training and skill development. Through strategic partnerships with stakeholders, including the Industrial Training Fund (ITF), FMITI will drive human capital development to meet the demands of modern industries.
The briefing also emphasized the necessity of robust oversight mechanisms to monitor and evaluate the performance of privatized entities. This approach ensures accountability and drives the achievement of Nigeria’s industrialization goals.
The Honourable Minister expressed optimism about the synergies between FMITI and BPE, emphasizing that a shared vision and coordinated efforts will position Nigeria as a global industrial powerhouse. These collaborative initiatives align with the President’s vision of a creative and self-reliant economy.
This renewed partnership marks a significant step toward transforming Nigeria’s industrial landscape and ensuring sustainable development for all citizens.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
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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