In order to improve its ability to meet the nation’s export finance needs and bolster economic growth, stakeholders in Nigeria’s banking and financial sector have demanded that the Nigerian Export-Import (NEXIM) Bank’s share capital be increased to N1 trillion. The Senate Committee on Banking, Insurance and Other Financial Institutions, presided over by Senator Mukhail Adetokunbo Abiru (Lagos East), held a public hearing on the proposal on Wednesday.The National Insurance Commission Act (Repeal) and the (Insurance Regulatory Commission) Bill, 2025 (SB.394) and the Nigerian Export-Import Bank Act (Amendment) Bill, 2025 (SB.599) were the two main bills discussed during the session. The Senate Chief Whip, Senator Tahir Monguno (APC, Borno North), gave the opening remarks on behalf of Senate President Godswill Akpabio and referred to the hearing as “a covenant with Nigeria’s economic future.”
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