By Ghazali Ibrahim
Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, has reaffirmed the Senate’s commitment to strengthening Nigeria’s financial institutions and modernizing regulatory frameworks to enhance economic growth and global competitiveness.
Speaking on Wednesday at a public hearing on two key financial reform bills: the Nigerian Export-Import Bank (Amendment) Bill, 2025 and the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, 2025, Senator Abiru emphasized that the legislative reforms are crucial to repositioning Nigeria’s financial sector for a rapidly changing global economy.
Abiru, who chaired the public hearing held at the National Assembly Complex in Abuja, said the proposed amendment to the Nigerian Export-Import Bank (NEXIM) Act, which was first enacted in 1991, would modernize the bank’s operations to better support non-oil exports, small and medium enterprises, and trade financing.
“The existing NEXIM Act was enacted over thirty years ago. The global and domestic economies have evolved significantly since then. This amendment seeks to align the law with contemporary best practices and Nigeria’s strategic economic priorities,” he said.
The Senate committee, under Abiru’s leadership, proposed a N1 trillion capital base for NEXIM Bank to enhance its capacity to finance non-oil exports and diversify the nation’s revenue base.
On the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, 2025, Abiru explained that the legislation seeks to overhaul Nigeria’s insurance regulatory framework, which has remained largely unchanged since 1997.
The bill proposes the establishment of a more responsive Insurance Regulatory Commission to address new developments such as digital insurance products, fintech innovations, and emerging market risks.
“These Bills reflect the Senate’s commitment to supporting the executive’s economic reform initiatives, strengthening institutional efficiency, and aligning our financial sector with global standards,” Abiru noted.
He stressed that the public hearing was part of the Senate’s participatory approach to lawmaking, ensuring that the views of regulators, industry experts, and stakeholders are incorporated into practical, forward-looking legislation.
The Minister for Trade and Investment, Jumoke Oduwole, commended the Senate for its role in advancing President Bola Tinubu’s vision of building a $1 trillion economy.
Similarly, the Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, praised Abiru and his committee for their proactive efforts to create an enabling environment for the insurance sector to thrive.
Managing Director of NEXIM Bank, Mr. Abba Bello, also threw his weight behind the proposed reforms, particularly the establishment of an export development fund, noting that non-oil exports currently contribute less than 10 percent of Nigeria’s total foreign exchange earnings due to inadequate export financing.
Abiru assured stakeholders that all submissions and recommendations made at the hearing would be carefully reviewed and reflected in the committee’s final report to the Senate.
“Our objective is clear, to build robust financial institutions that can drive sustainable economic growth, attract investment, and position Nigeria as a competitive player in the global economy,” he concluded.
