The Federal Government plans to inaugurate the Development Bank of Nigeria by January next year to support smaller-scale businesses.
The Minister of Finance, Mrs. Kemi Adeosun, said on Monday, as the country seeks a way out of its worst economic crisis in decades, according to Reuters.
The DBN has secured commitment from the World Bank for $1.3bn in seed money, Adeosun said.
The President of the African Development Bank, Akinwumi Adesina, said last month it was investing $500m 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 per cent of our GDP is made up of small companies,” Adeosun.