Nigeria will use Development Bank to support SMEs – Fin.Minsiter

ABUJA Oct 17 (Naija247news) – Nigeria plans to launch a development bank by January to support smaller-scale businesses, the finance minister said on Monday, as the country seeks a way out of its worst economic crisis in decades.

The Development Bank of Nigeria (DBN) has secured commitment from the World Bank for $1.3 billion in seed money, Kemi Adeosun said in a statement.

The African Development Bank’s president said last month it was investing $500 million in the DBN, and that it could be in place by November.

“It is going to provide money for (small and medium-sized enterprises) and for Nigeria that is really important because 50 percent of our GDP is made up of small companies,” Adeosun said in a statement.

Nigeria, Africa’s largest economy, has slid into recession for the first time in 25 years as low oil prices have slashed government revenues and weakened the naira currency.


About the Author

1 Comment on this article. Feel free to join this conversation.

  1. psalm October 20, 2016 at 10:33 am -

    every nation economy can not survive without the small businesses and with the DBN operational every arm is sure to be touched as its created to meet the SMEs

Leave A Response

Comment moderation is enabled. Your comment may take some time to appear.