Short-term insurance and guarantees

• Covers exported eligible goods wholly or partially manufactured in Nigeria, as well as services
• Pre- and post-shipment insurance available
• Tenor: Up to 180 days for pre- and post-shipment guarantees
• Sub-products:
  - Export credit insurance facility: Insures exporters from commercial and political risks associated with exports
  - Export credit guarantee facility: Protects Nigerian Banks against the risk of non-payment for loans or advances granted to exporters to meet short-term export contracts
  - Rediscounting and refinancing facility: Assists banks in providing short-term finance in support of exports
• Fees:
  - Premium: Up to 2.5% per annum on facility amount
  - Management fee: Up to 1% per annum on facility amount
  - Administration and arrangement fee: Up to 2% per annum on facility amount

Direct lending facility 

• Security: 150% of guaranteed amount, including assets covered by the guarantee 
• Loans to Nigerian exporters to purchase capital goods, raw materials, packaging materials, and spare parts; also available for exporters of services
• Tenor:
  - Short-term facilities: Up to 365 days
  - Project-related financing: Up to 3 years
  - Nigerian Creative and Entertainment Industry Loan Scheme: Up to 7 years
• Security: Company assets and potentially a bank guarantee
• Interest rate:
  - NIBOR + 200 bps or as determined case-by-case
  - LIBOR + [150–200] bps for USD rate loans
• Fees:
  - Commitment fee: 0.5% on undrawn balance starting 60 days from closing
  - Administrative fee: One-time fee of 1.0% on the loan amount, payable at acceptance of the loan offer; if loan is less than 180 days, one-time fee is 0.5% on the loan amount
  - Legal fee: Fixed rate of 0.5% on loan amount if outside counsel is required

Foreign currency import facility loans

• NEXIM lends short, medium, and long-term fixed rate loans in foreign currency to participating Nigerian banks on behalf of their export clients
• Use of proceeds:
  - Capital equipment for production of exports
  - Import of raw materials and spare parts for export
  - Packaging materials for export
• Tenor:
  - 7 years (including 2-year grace period) for capital equipment
  - Up to 2 years for spare parts and raw materials
  - Up to 1 year for packaging materials
• Security: Combination of company assets, liens, or potentially a bank guarantee
• Eligible exporters: At least 60% of value of local raw materials or intermediate goods, or having a local value added of its products over 50% bound for export
• Maximum financeable amount: Up to 100% of the invoice value provided it shall not be greater than 80% of total project cost
• Interest rate:
  - NIBOR + 200 bps or as determined case-by-case
  - LIBOR + [150–200] bps for USD rate loans
• Fees:
  - Commitment fee: 0.5% on undrawn balance starting 60 days from closing
  - Administrative fee: One-time fee of 1.0% on the loan amount, payable at acceptance of the loan offer; if loan is less than 180 days, one-time fee is 0.5% on the loan amount
  - Legal fee: Fixed rated of 0.5% on the loan amount if outside counsel is required

Export facilitation loans

• NEXIM lends medium- to long-term, fixed-rate, and in local currency, enabling exporters to finance capital purchases and other activities that would require more than 1 year to repay, where purchases enhance exports
• Use of proceeds:
  - Set up of new export-oriented projects
  - Revitalization or acquisition of additional assets for modernization and/or expansion of existing production
  - Acquisition, rehabilitation and/or expansion of plantations/farms for the production and processing of exports
  - Acquisition of spare parts and packaging materials for the manufacture of exports
• Tenor:
  - 7 years (including 2-year grace period)
• Security: Combination of company assets, liens, et. al.  
• Eligible exporters:
  - Existing production units with at least 50% export orientation, as evidenced by existing or previous orders
  - New units with at least 50% export commitments
• Interest rate: At discretion of NEXIM
• Fees:
  - Commitment fee: 1% on undrawn balance starting 60 days from closing
  - Administrative fee: One-time fee of 0.75% on the loan amount, payable at acceptance of the loan offer

Working capital stocking facility 

• Loans to manufacturing exporters to stock local raw materials that are mainly seasonal in nature to achieve optimum annual production levels
• Tenor: Up to 1 year
• Eligible exporter: Creditworthy, at least 50% production for exports, and exporter certification that loan will expand exports
• Fee: Up to 3% spread over Nigerian monetary policy rate—currently 14%