DEVELOPMENT BANK OF NIGERIA SOON TO KICK UP OPERATIONS IN NIGERIA.





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The Development Bank of Nigeria will soon kick-start operation in Nigeria even as the Federal Ministry of Finance has applied to the Central Bank of Nigeria (CBN), for the operational licence of the Development Bank of Nigeria (DBN)  

The Director of Information in the ministry of Finance, Alhaji. Salisu Na’Inna confirmed this in a message,  yesterday in Abuja stating that the recruitment exercise for the Executive Management team of the bank has been completed.

The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The Bank is also finalising agreements with the European Investment Bank (EIB) for more funding.

According to the Ministry, “the operations of the DBN will not in any way, result in the elimination of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank. The operations of the DBN is clearly distinct from other development banks as it is focused on supporting small businesses defined by size and not by sectors.“The DBN, will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

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