In a significant move to reshape Nigeria’s financial landscape, the Senate has advanced two major bills aimed at revitalizing critical sectors of the economy.
The move came during a public hearing convened on Wednesday by the Senate Committee on Banking, Insurance, and Other Financial Institutions, focusing on proposed legislation to modernize the Nigerian Export-Import Bank and completely replace the law governing the nation’s insurance sector.
Chairman of the committee, Senator Mukhail Adetokunbo Abiru, set the tone for the hearing, stating that the twin bills share a unified objective to “strengthen the institutional and regulatory architecture of Nigeria’s financial system” and position it to “drive sustainable economic growth and diversification.” He emphasized that the legislative process is a collaborative endeavor, assuring stakeholders that their inputs would receive “the utmost attention and careful consideration.”
A central focus of the proceedings was the Nigerian Export-Import Bank Act (Amendment) Bill, 2025, which seeks to update a law that has governed the bank since 1991. Senator Abiru described the current Act as “outdated and inadequate” for navigating contemporary challenges like global trade disruptions and the urgent need for economic diversification.
“This amendment, therefore, seeks to modernize the enabling law to align with contemporary best practices and Nigeria’s strategic economic priorities,” he told the assembly of regulators, industry leaders, and experts.
The push for a strategic realignment of NEXIM was powerfully underscored by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.
She revealed a significant operational shift, stating, “Operationally, oversight of NEXIM Bank has effectively been transferred by Mr. President by a ministerial mandate from November 4, 2024, to the Honorable Minister of Industry, Trade and Investment.” Dr. Oduwole argued that the bank’s current placement under the finance ministry has led to a misalignment with national trade goals, leaving it under-capitalized and unable to fully support Nigeria’s economic ambitions.
“To support the government’s agenda of building a $1 trillion economy, this misalignment and under-capitalization hampers NEXIM’s ability to effectively support Nigeria’s trade ambitions,” the Minister stated. She proposed a definitive legal transfer, recommending that “NEXIM should be placed under the legal purview of the Federal Ministry of Industry, Trade and Investment,” and be recapitalized with export revenue to empower it for its export-led mandate.
Simultaneously, the Senate considered the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, which proposes a fundamental overhaul of the insurance sector’s regulatory framework.
Senator Abiru identified the current 1997 law as a constraint, fostering “weak enforcement mechanisms, low public confidence, and a regulatory framework that has remained largely unchanged.” The new bill aims to establish a stronger, more responsive Insurance Regulatory Commission capable of rebuilding trust and accommodating modern innovations like digital insurance and fintech.
The Senate Committee will now collate the submissions from the public hearing to prepare reports that will guide the final passage of the bills. This legislative action marks a pivotal effort by lawmakers to build more resilient and forward-looking financial institutions, seen as a critical foundation for Nigeria’s long-term economic stability and growth.
