The Senate has begun sweeping reforms of Nigeria’s financial sector, proposing a massive increase in the capital base of the Nigerian Export-Import Bank (NEXIM) to ₦1 trillion, the creation of an Export Development Trust Fund, and the establishment of a Special Insurance Tribunal to fast-track dispute resolution.
These landmark measures were unveiled yesterday at a public hearing of the Senate Committee on Banking, Insurance and Other Financial Institutions, which reviewed the Nigerian Export-Import Bank (Amendment) Bill 2025 and the Insurance Regulatory Commission Bill 2025.
Committee Chairman, Senator Mukhail Abiru, said the new laws aim to modernise outdated financial regulations and strengthen Nigeria’s economic resilience.
“These bills are crucial to shaping the future of Nigeria’s financial system,” he said. “They must reflect our national priorities of economic transformation and stability.”
Representing Senate President Godswill Akpabio, Chief Whip Senator Mohammed Tahir Monguno described the reforms as “a covenant with Nigeria’s economic future,” insisting they go beyond legislation to become tools for rebuilding confidence and expanding opportunities.
Akpabio praised the proposed expansion of NEXIM’s capacity, saying the bank must become a true engine for export growth.
“NEXIM is a bridge between our factories and the world. It must be empowered to lead, not just lend,” he said.
NEXIM Backs ₦1 Trillion Capital Target
NEXIM Managing Director, Abba Bello, threw his full support behind the reforms, calling the current ₦50 billion capital base “grossly inadequate” for Nigeria’s export ambitions, especially under AfCFTA.
“We support raising the capital base to at least ₦500 billion, ideally ₦1 trillion,” Bello said, advocating reforms that include governance continuity and separating the CBN’s oversight role from board leadership.
Stakeholders including the Capital Market Academics of Nigeria and the Ministry of Finance Incorporated (MOFI) backed the ₦1 trillion target, saying it would make NEXIM competitive with export credit agencies in China, India and South Africa. MOFI also clarified that FG’s shares in NEXIM should be managed through its office as mandated by law.
Exporters Hail Trust Fund Proposal
Commissioner for Insurance, Olusegun Ayo Omosehin, described the proposed Export Development Trust Fund as a game changer that would finally unlock financing for exporters struggling to access raw materials, equipment, and logistics.
The NDIC also endorsed the reforms, advocating for representation on NEXIM’s board to strengthen risk management.
Manufacturers and construction stakeholders supported the Export Promotion Fund but urged lawmakers to include building materials, construction technology, and housing components among eligible export items.
Insurance Tribunal Seen as Landmark Reform
The proposed Insurance Regulatory Commission Bill also received strong backing. Omosehin said the bill would modernise the regulatory framework by empowering the commission to supervise digital platforms, merge failing insurers, and enforce compliance more efficiently.
A centrepiece of the bill is the Insurance Dispute Resolution Tribunal, which stakeholders say will transform consumer confidence.
“It will provide quick, affordable, professional redress for policyholders and restore trust,” Omosehin said.
Other provisions include stricter compliance deadlines, new powers for actuarial oversight, and a restructured governing board.
Senate Vows to Deliver Stronger Institutions
Closing the session, Senator Abiru thanked stakeholders for their input and reaffirmed the Senate’s commitment to strengthening Nigeria’s financial institutions.
“Our aim is to craft legislation that inspires confidence and positions Nigeria’s financial system for global relevance,” he said.
The bills are expected to move to the next stage of legislative consideration in the coming weeks.
