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.
Business
PULA Foundation and Nigerian Government Partner to Revolutionize Agricultural Insurance

Abuja, Nigeria – The PULA Foundation, in collaboration with the Presidential Food Systems Coordination Unit (PFSCU) and Bayer Foundation, has launched a groundbreaking agricultural insurance initiative to enhance the resilience of Nigeria’s agricultural sector. The partnership aims to provide climate-resilient agricultural risk mitigation methodologies to approximately 248,000 smallholder farmers across eight states, including Ekiti, Plateau, Kaduna, Enugu, Jigawa, Borno, Nasarawa, and Taraba.
This innovative initiative is part of the National Agribusiness Planning Mechanism (NAPM) program, which was co-created by PFSCU, PULA, and Bayer Foundations. The program’s primary objective is to ensure that Nigerian farmers engage in climate-resilient agriculture risk mitigation methodologies, thereby improving crop yields and reducing losses due to climate-related risks.
The partnership has received strong support from state governments, with eight states already onboarded as part of a pilot program. State governors have demonstrated their commitment to indemnifying their farmers with promptly paid premiums, which will be matched by a commitment from PULA and Bayer Foundations for four seasons. Leadway Insurance will act as the preferred insurance agency to harmonize and assure the program’s insurance cover for each farmer.
According to Marion Moon, Executive Secretary of PFSCU, “By engaging directly with those who implement policies and systems, we gain valuable insights into the specific challenges they face. Understanding these pain points is crucial for developing effective solutions.”
Rose Goslinga, Executive Director of PULA Foundation, noted that “across sub-Saharan Africa, small farmers are the bedrock of national and regional economies—unless the weather proves unpredictable and their crops fail. The solution is insurance, at a vast, continental scale, and at a very low, affordable cost.” This visionary approach underscores PULA’s commitment to supporting the Nigerian government and state governors in their quest for food security, sustainable agricultural practices, and climate resilience.
Dr. Michael Enahoro, PULA Nigeria Country Director, emphasized that “enshrining the responsibility of risk mitigation with the individual farmer allows for improvements in productivity, ensures that the agronomic efforts of the farmer are not wasted, and ultimately benefits both government and consumers.”
The partnership is expected to upscale and cover more value chains, integrate more farmers, and support Nigeria’s quest to eradicate climate change-related disasters and drive sustainable food systems. PULA Foundation and its partners are currently focused on ensuring the expansion of the NAPM into the second phase, which is the 2025 Dry Season, and encouraging all state governments to partner with the PFSCU to ensure all Nigerian farmers participate in the 2025 Dry Season farming exercise wherever possible.
State officials, including Hon. Ebenezer Boluwade and Samson Bugama, Commissioners of Agriculture in Ekiti and Plateau states, have expressed their commitment to the program, while Governor Abdullahi Sule of Nasarawa State believes that the state’s participation in the NAPM program will lead to the improvement and sustainable development of agriculture in Nasarawa.
The initiative is a significant step towards enhancing the resilience of Nigeria’s agricultural sector and promoting sustainable food systems. With the support of state governments, PULA Foundation, and its partners, the program is poised to make a lasting impact on the lives of Nigerian farmers.
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