The ministry of finance plans to launch a development bank by January which will support smaller-scale businesses. This was made known by the finance minister on Monday, she said this night work against the current economic crisis which has been the worst in. decades.
The Development Bank of Nigeria (DBN) has secured from the World Bank $1.3 billion in seed money, said Adeosun in a statement.
According to Mr President, The African Development Bank’s is investing $500 million in the DBN, he added 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,” said Adeosun 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.
More to come........
