Business

Wale Edun Hosts EU Envoy, Paves Way For Expanded Trade, Investment

Published

6 months ago

March 27, 2025

Joel Ajayi

In a significant step towards deepening economic cooperation, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today in his office in Abuja, hosted the European Union (EU) Ambassador to Nigeria, Mr. Gautier Mignot, for a high-level discussions aimed at strengthening EU-Nigeria economic ties.

The meeting spotlighted the EU’s €1.3 billion investment portfolio in Nigeria, recent engagement by the European Bank for Reconstruction and Development (EBRD), and the Global Gateway Investment Strategy aimed at deepening Africa-Europe economic ties.

The discussions also highlighted strategic projects such as the Trans-Saharan Gas Pipeline and the National Single Window trade system, further aligning with Nigeria’s fiscal consolidation and infrastructure modernisation agenda.

Ambassador Mignot underscored the EU’s position as Nigeria’s largest trading partner and a major source of foreign direct investment. He proposed the creation of a formal trade and investment dialogue framework to unlock further opportunities through enhanced collaboration, particularly in infrastructure, green finance, and sustainable development.

HM Edun welcomed the initiative, reaffirming Nigeria’s commitment to macroeconomic stability, investor-friendly reforms, and digital transformation. He emphasized ongoing reforms to improve the ease of doing business, projected GDP growth of 4.6% by 2025, and rising trade surplus as key indicators of Nigeria’s economic progress.

Both parties expressed optimism about future engagements and reaffirmed their commitment to deepening a robust, mutually beneficial economic partnership.

As Nigeria continues to navigate the complexities of global economic dynamics, this renewed commitment to EU-Nigeria economic cooperation marks a significant step towards a more prosperous and sustainable future for the nation.

Share on Facebook

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.

Share on Facebook