Nigeria Set To Launch Dev’t Bank, Gets $1.3bn World Bank Commitment
Mrs Kemi Adesosun, Minister of Finance[/caption]
The Federal Government has announced plans to launch a development bank as part of its efforts to steer Nigeria out of its worst economic downturn in decades.
The Development Bank of Nigeria (DBN), which will be supporting small-scale businesses, is expected to kick-off in January, the minister of Finance, Mrs Kemi Adesosun said on Monday, in a statement.
Adeosun also disclosed that the DBN has secured a commitment of $1.3 billion in seed money from the World Bank already.
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Meanwhile, President of the African Development Bank (AfDB), Dr Akinwumi Adesina, disclosed last month plans by the bank to invest $500 million in the DBN, most likely in November this year.
“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.
