Business
RMAFC Chairman Advocates Innovative Revenue Strategies for Fiscal Sustainability
Joel Ajayi
The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, OFR, has emphasized the urgent need for innovative and sustainable revenue generation strategies to address increasing public service demands at all levels of government.
Speaking this morning at the opening ceremony of a two-day training programme titled “Optimizing Revenue Generation, Budgeting Process, and Good Governance”, Dr. Shehu reiterated the Commission’s constitutional mandate to advise the three tiers of government on fiscal efficiency and revenue enhancement. He emphasised that strengthening revenue generation was no longer an option but a necessity for economic stability and sustainable development.”
The training programme, which is scheduled to hold from Wednesday, February 26th, to Thursday, February 27th, 2025, at the Dame Pauline Tallen Banquet Hall, National Centre for Women Development, Abuja, is designed to equip government officials and stakeholders with the necessary knowledge and skills to improve revenue mobilization, budgeting, and fiscal management.
The Chairman underscored the importance of strategic partnerships, optimal pricing strategies, and efficient fiscal management in enhancing revenue generation. He noted that the programme would provide a platform for participants to engage with experts and explore best practices in revenue optimization. “We must move beyond traditional revenue sources and explore new frontiers to boost fiscal sustainability,” he added.
At the end of the training, participants are expected to have a deeper understanding of revenue generation challenges and opportunities, acquire practical skills in revenue mobilization and management, develop strategic partnerships to enhance revenue generation and identify innovative solutions to address revenue shortfalls by leveraging areas of comparative advantage.
Dr.M.B. Shehu, who urged all stakeholders to take full advantage of the training, emphasised that achieving fiscal sustainability requires proactive measures, collaboration, and a commitment to good governance.
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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