At the second reading of a bill to amend the Nigerian Export-Import Bank (NEXIM) Act, Cap M106 LFN 2004, Distinguished Senator Ahmed Wadada Aliyu (Sarkin Yakin Keffi, Magajin Dangin Lafia), representing Nasarawa West Senatorial District, lent his voice in strong support of the proposed legislation aimed at repositioning the Bank for greater national economic impact.
The amendment seeks to enhance the capacity of NEXIM Bank to effectively discharge its mandate, particularly in the areas of export financing and support for local manufacturers with export potential.
Senator Wadada, contributing on the Senate floor, described the bill as a timely intervention that could significantly alter the economic trajectory of Nigeria. According to him, the legislative content of the bill, if well implemented, could “go a long way in turning around the economic fortune of this country.”
He expressed concern over Nigeria’s overdependence on importation, noting that the nation’s economic woes are largely due to its consumption-based orientation. “One of the reasons we are suffering today in Nigeria is because we are a consumer nation. What will take us out of this enclave is to become a producer nation,” he said.
The lawmaker emphasized the importance of export expansion as a viable strategy for economic recovery and currency stability. “For our local producers who do not have the requisite funding to embark on exportation, strengthening NEXIM Bank will capacitate it to support them. The more we export, the deeper our foreign reserve, and that will in turn strengthen our local currency,” Senator Wadada stated.
As a staunch advocate for economic diversification and industrial growth, Senator Wadada’s remarks reflect a growing consensus in the Senate that export-led reforms are critical to reviving Nigeria’s economy, improving foreign earnings, and reducing pressure on the naira.
The bill passed its second reading and was referred to the relevant Senate committee for further legislative input.
