President Goodluck Jonathan, had on Monday, March 23, 2015 officially commissioned the Development Bank of Nigeria (DBN).
The new bank is aimed at granting long term loans to Micro, Small and Medium Enterprises (MSMEs) across the nation.
Recently, the Federal Executive Council consented a multidonor credit facilities of 500 million US dollars, 450 million US dollars, 200 million US dollars and 130 million US dollars from the International Bank for Reconstruction and Development of the World Bank, Africa Development Bank, Germany and French Development Agency for the establishment of the bank.
Speaking at the launch, President Jonathan stated that the inability of the existing developmental institutions in the country, including the Bank of Industry (BoI) and other commercial banks to satisfy the funding needs of the MSMEs, necessitated the establishment of the DBN.
He stated that the economy of the country is highly dependent on Small and Medium Enterprises adding that the sector has never had the opportunity of accessing cheap funds for its development.
President Jonathan also revealed that the country has more than 17 million Micro, Small and Medium Enterprises (MSMEs), which contributes over 45% to the Gross Domestic Product (GDP) and employ over 32 million people.
