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).
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opening remarks, said the proposed legislations were part of the Senate’s broader economic reform agenda to modernize outdated financial laws and align them with contemporary realities.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 recognizes 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.Similarly, 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.
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.
“To strengthen the Nigerian Export-Import Bank and align its operations with the nation’s trade policy, it is imperative that the bank be legally transferred to the purview of the Minister responsible for trade,” she said. “This realignment will ensure coherence between trade policy formulation and export financing.”She further advocated for a strategic recapitalization of NEXIM through the allocation of a portion of annual export revenues, noting that such reforms would enable the bank to play a leading role in public-private partnerships and foreign investment initiatives that promote export-led growth.
“Recapitalizing NEXIM will provide the financial strength needed to drive Nigeria’s $1 trillion economy ambition and fully leverage opportunities under the African Continental Free Trade Area (AfCFTA),” the minister added.
In her submission, Mrs. Nkeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), lauded the Senate’s move to repeal the NAICOM Act, describing it as a long-overdue step toward a stronger and more responsive insurance regulator.“After 28 years, the industry is finally getting a legislative framework that reflects today’s market realities,” Ezeibe said.
“We urge the Senate to ensure that the new law empowers the commission to enforce compliance, strengthen corporate governance, and deepen insurance penetration nationwide.”Senator Abiru, while closing the session, expressed satisfaction with the depth of submissions and the broad consensus achieved among stakeholders, noting that the committee would carefully consider all recommendations in drafting its report for Senate presentation.“It is gratifying that the positions expressed today reflect strong industry consensus,” he said.
“This will greatly assist the Committee in producing inclusive, forward-looking legislation that supports Nigeria’s economic transformation agenda.”
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.
