By Kayode Araba
Thus, the Senate on Wednesday renewed its drive to strengthen Nigeria’s financial system through sweeping legislative reforms as it hosted a public hearing on two critical bills, the Nigerian Export-Import Bank (Amendment) Bill, 2025 (SB. 599) and the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, 2025 (SB. 394).
However, the session, chaired by Senator Mukhail Adetokunbo Abiru (FCA), Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, brought together key stakeholders from the financial, trade, and insurance sectors to deliberate on the bills aimed at repositioning Nigeria’s export and insurance institutions for sustainable economic growth.
Senator Abiru in his opening remarks, said the proposed legislations were part of the Senate’s broader economic reform agenda to modernize outdated financial laws and align them with contemporary realities.
The senate noted that effective lawmaking is a collective endeavour that must draw from the wisdom and experience of those directly impacted by our laws,” Abiru stated. “These bills reflect our commitment to strengthening institutional efficiency, promoting transparency, and supporting the executive’s economic reform initiatives.
The senator emphasized that the NEXIM Act, enacted in 1991, was no longer fit for purpose given current global trade dynamics and emerging financing models. The amendment, he said, would reposition the bank to perform its core mandate of promoting exports and facilitating trade finance, thereby boosting Nigeria’s non-oil revenue base.
In addition, the National Insurance Commission (Repeal) and Insurance Regulatory Commission Bill seeks to replace the 1997 NAICOM Act with a more dynamic framework that accommodates digital insurance innovations, fintech participation, and stronger compliance enforcement.
Also, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, endorsed the reform process and called for the legal realignment and recapitalization of the Nigerian Export-Import Bank (NEXIM) to enable it effectively deliver on its trade facilitation mandate.
Dr. Oduwole explained that while NEXIM currently operates under the Ministry of Finance, its core functions are trade-centric, requiring closer alignment with the Ministry of Industry, Trade and Investment for effective policy integration and execution.
The public hearing, held at the National Assembly Complex in Abuja, was attended by senior officials from the financial and trade sectors, regulatory agencies, lawmakers, and industry experts, all united by a shared goal to modernize Nigeria’s financial institutions and strengthen their role in driving inclusive, export-led growth.
