Petroleum industry in Nigeria to transport the crude oil. Also because of the lack of highly productive fields, money from the jointly operated (with the federal government) companies is constantly directed towards petroleum exploration and production. Nigeria's petroleum is classified mostly as "light" and "sweet", as the oil is largely free of sulphur. Nigeria is the largest producer of sweet oil in OPEC. This sweet oil is similar in composition to petroleum extracted from the North Sea. This crude oil is known as "Bonny light". Names of other Nigerian crudes, all of which are named according to export terminal, are Qua Ibo, Escravos blend,
Nigerian Export-Import Bank Nigerian Export-Import Bank The Nigerian Export-Import Bank (NEXIM) is an export credit agency in Nigeria, established in 1991. The bank was established by the Federal Government of Nigeria with Act 38 of 1991 to replace the Nigerian Export Credit Guarantee & Insurance Corporation. It provides export credit guarantees and export credit insurance for exports of Nigerian commodities and services within and outside West Africa. In 2014 it had a capacity of $39.5 billion in credit and securities for Nigeria's non-oil exports. Bashir Mahe Wali is the Acting. Managing Director/Chief Executive Officer of the Bank; he was appointed in February 2016