Section 5: Objects of the Bank

The objects of the Banks shall be-(a) to establish and carry on the business of export credit guarantee and export credit insurance, with a head office in Nigeria and other place of business in Nigeria, as may be determined by the Board of the Bank from time to time;
(b) to design and implement schemes of export credit guarantee for parties carrying on business in Nigeria in connection with the export or the manufacture, treatment or distribution of goods for export or the rendering of services or of any other matter which appears to the Bank conducive to the purpose of encouraging trade with other countries;
(c) to undertake and guarantee the insurance of export credit and for that purpose to enter, with or for the benefit of parties carrying on business in Nigeria, contracts of insurance against risk of monetary loss or other monetary detriment attributable to circumstances outside the control of the person suffering the loss or detriment and resulting from the failure to receive payment in connection with or otherwise arising out of acts or transactions in the course of or for the purpose of trade with persons in any other country;
(d) to accept reinsurance of all kinds and to enter into reinsurance agreements with parties whether resident in or outside Nigeria against all or any risk or liability assumed by the Bank under any agreement, insurance policy or other schemes entered into by the Bank;
(e) to enter into guarantee agreements with other parties to guarantee payment in specified circumstances;
(f) to provide insurance against loss whether on the export of goods or the provision of services or on loans made to facilitate the export of such goods or the provisions of such services;
(g) to lend and advance money or give credit to such persons or companies on such terms and conditions as may seem expedient and in particular to customers, companies, corporations, firms and other bodies which have dealings with the Bank and to give guarantee or become surety and give security for any such persons or companies;
(h) subject to the provisions of any law in force, to buy and sell foreign currency and exchange and to accept money for remittance to all countries.