By Haruna Salami
The Senate has taken bold legislative steps to increase the capital base of the Nigerian Export-Import Bank, NEXIM to N1 trillion, the establishment of an Export Development Trust Fund, and the creation of a special tribunal to resolve insurance disputes.
The Senate Committee on Banking, Insurance and Other Financial Institutions made this known at a public hearing it organised on two critical bills – the Nigerian Export-Import Bank (Amendment) Bill, 2025 and the National Insurance Commission (Repeal) and Insurance Regulatory Commission Bill, 2025 to achieve the proposed reforms.
The apex legislative Assembly took these steps in its determination to strengthen Nigeria’s financial institutions.
The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos West), said at the event that the two pieces of legislation were designed to fortify Nigeria’s financial ecosystem and align it with global standards, noting that the bills represented “a crucial step in shaping the future of Nigeria’s financial system” by modernizing outdated laws and fostering innovation-driven regulation.
According to him, the NEXIM Amendment Bill would update the 1991 Act that established the bank, while the new Insurance Regulatory Commission Bill seeks to replace the obsolete 1997 NAICOM Act, saying that the bills would ensure Nigeria’s financial system becomes more transparent, competitive, and globally aligned.
“Effective lawmaking is never a solitary process. We are here to critically examine both bills and ensure they align with our national goals of economic transformation and financial stability,” he said.
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