Evaluating the Effectiveness of Export Financing Programmes in Nigeria

Abstract Export financing plays a critical role in facilitating international trade by supporting increased export capacity. In Nigeria, the imperative of economic diversification have prompted the introduction of several export financing and incentive programmes by public institutions; the CBN’s RT200 Non-Oil Export Proceeds Repatriation Rebate Scheme and Non-Oil Export Stimulation Facility, the NEXIM’s Export Development Fund and Credit Guarantee Schemes, the NEPC’s Export Expansion Grant, and trade-related interventions of the BOI. This paper evaluates the effectiveness of these programmes in promoting Nigeria’s non-oil exports between 2017 and 2024. Adopting a qualitative research approach, the study examines the design, implementation, and outcomes of the schemes using official policy guidelines, institutional reports, and export-related data from the CBN, NEPC, and NEXIM. The analysis is anchored on export-led growth theory, financial intermediation theory, and institutional theory to explain how policy architecture and institutional efficiency shape export performance. The findings indicate that while Nigeria’s export financing initiatives have recorded modest gains, their overall impact remains constrained by design and implementation weaknesses. Specifically, the RT200 scheme has enhanced export proceeds repatriation but offers limited direct financing; the NESF and EDF have expanded credit access but are hampered by stringent eligibility requirements and banks’ risk aversion to SMEs; and the EEG’s effectiveness is undermined by funding instability and administrative delays. The paper concludes that Nigeria’s export finance framework is directionally sound but operationally weak, and recommends improved institutional coordination, stronger risk-sharing mechanisms, transparent and digitalized processes, and more stable funding to enhance non-oil export performance. Keywords: Export financing, non-oil exports, policy design, RT200 scheme, NESF, EEG, NEXIM Bank, Bank of Industry, Nigeria