Breaking: President Tinubu Makes New Appointment

President Bola Tinubu has approved the appointment of Mr. Ibrahim Khalil Gaga as the new Executive Director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM).  

This was contained in a statement by the presidential spokesperson, Ajuri Ngelale, on Wednesday in Abuja.  

According to the statement, Mr. Gaga, a seasoned lawyer, has amassed over 25 years of experience within the banking industry and legal services, embodying a unique blend of expertise in these two critical areas. 

Ngelale noted that he was formerly the Board Secretary and Legal Adviser at NEXIM Bank prior to his appointment.  

What the President is Saying 

The Statement reads:  

• “President Bola Tinubu has approved the appointment of Mr. Ibrahim Khalil Gaga as Executive Director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM). 
• “Mr. Gaga, a lawyer, has gained over 25 years of experience in the banking sector as well as in legal services. 
• “Prior to his appointment, he was the Board Secretary and Legal Adviser at NEXIM Bank. 
• “The President expects that Mr. Gaga will bring to his new role renewed zeal and diligence to enhance NEXIM’s mandate of providing finance, risk mitigation services, accurate trade and market information, as well as export advisory services to Nigerians in full support of the economic development agenda of his administration.” 

What you should know about NEXIM 

The Nigerian Export-Import Bank (NEXIM) was established by Act 38 of 1991 as an Export Credit Agency (ECA) with a share capital of N50 billion held equally by the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria.  

The Bank which replaced the Nigerian Export Credit Guarantee & Insurance Corporation earlier set up under Act 15 of 1988, has the following main statutory functions:  

• Provision of export credit guarantee and export credit insurance facilities to its clients. 
• Provision of credit in local currency to its clients in support of exports. 
• Establishment and management of funds connected with exports. 
• Maintenance of a foreign exchange revolving fund for lending to exporters who need to import foreign inputs to facilitate export production. 
• Provision of domestic credit insurance where such a facility is likely to assist exports. 
• Maintenance of a trade information system in support of export business. 

The Bank presently provides short and medium-term loans to Nigerian exporters. It also provides short-term guarantees for loans granted by Nigerian Banks to exporters as well as credit insurance against political and commercial risks in the event of non-payment by foreign buyers.  

The Bank is also the government’s National Guarantor under the ECOWAS Inter-state Road Transit programme.