Business
NEXIM, Task Force To Collaborate On Trade
The task force on trade facilitation has expressed interest to collaborate with the Nigeria Export-Import Bank (NEXIM) to help to eliminate hindrances and deepen trade in the country.
Mr. David Adejuwon, chairman of the task force made this known in an interview with newsmen in Abuja after the group visited Mr. Roberts Orya, NEXIM’s Managing Director.
He said collaboration with NEXIM would go a long way in strengthening trade in the country.
“The issue of multiple checkpoints along our border corridor; we have been able to confirm the report we received that between Lagos and Seme border alone, there are about 35 checkpoints during daytime and almost 50 checkpoints at night between Lagos and Seme border.”
“This is as against the protocol that all member countries have signed to reduce such checkpoints to maximum of three.”
Adejuwon said multiple checkpoints impacted negatively on the nation’s image and competitiveness, adding that it was against efforts made in the past to attract Foreign Direct Investments.
“This issue must be addressed frontally,’’ he stressed.
He noted that the World Bank had recommended three locations where authorised checkpoints should be and where agencies approved to work, should stay at the border corridor.
He said that the idea of seeing different law enforcement agencies after every half kilometer at the border corridor, demanding different kinds of
papers, made the environment not conducive to trade.
He said: “We have travelled to all parts of the world and on their roads you will travel thousands of kilometers without seeing a single drum placed to block the road or people placing spikes on the road to stop trucks for checking.”
“But that is not to say that the law enforcement agencies are not there. It is a serious issue that as a task force we want to tackle frontally.’’
Adejuwon, who is also Director of Trade in the Federal Ministry of Commerce and Industry added that there was the need to address the facility gap at the airport.
He said that the process of passing through Immigration Service checkpoint and baggage lounge takes a long while and should be improved.
He added that for the nation to be able to grow the economy and achieve all the development plans, efforts should be made to ensuring effective movement of trade in the country.
He said that the task force would be working on sensitising Nigerians to create necessary awareness, adding that the process of review of the nation’s trade police would soon begin.
Responding, Orya assured that NEXIM was prepared for the collaboration, saying: “deepening trade continues to be one of the priorities of the bank.’’
“I have to thank the members of the task force for a good work they are doing and we have to encourage them to continue.”
“Deepening trade in the ECOWAS region continues to be our initiative and one of the areas of priority for the bank.’’
Orya said that much had not been done with a lot of protocols signed by member states of ECOWAS to ensure seamless movement of goods and people within the sub-region.
He stressed: “you will have the support of NEXIM because this is also what we are driving at and where we are going.
“Everybody, even the development bodies, will be happy to see that we are working on deepening trade in the sub-region.’’
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.