Business

Finance Ministry Advocates Strategic Resource Allocation for Economic Growth

Published

9 months ago

January 22, 2025

By Comfort Olayinka

The Federal Ministry of Finance has emphasized the need for strategic resource allocation and prudent management to drive Nigeria’s development priorities and enhance economic prosperity.

According to the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, the 2025 budget has been carefully designed to align with national priorities, focusing on economic development, infrastructure enhancement, and sustainable fiscal practices.

Dr. Uzoka-Anite, who represented the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the Ministry’s critical role in shaping fiscal policies and fostering economic growth.

She reaffirmed the Ministry’s dedication to building a stable, resilient, and thriving economy in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

The Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, presented a summary of the budget performance for 2024, noting that the Ministry’s 2024 budget had been largely utilized on overheads, personnel expenses, and limited capital projects.

The proposed 2025 budget includes provisions to address pressing needs, including essential upgrades to the Ministry’s Headquarters.

The Committee’s Chairman, Honourable James Faleke, commended the Ministry’s team for their presentation and assured them that the Committee would carefully review the proposal and communicate its decisions in due course.

The session concluded with an acknowledgment of the Ministry’s pivotal role in driving fiscal stability and sustainable development for Nigeria’s future.

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Business

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

Published

5 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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