The Development Bank of Nigeria is a financial institution that would bridge the gap between the Bank of Industry (BoI) and other commercial banks that could not satisfy the funding needs of the Micro, Small & Medium Enterprises in Nigeria. The principal mission of the Development Bank of Nigeria is to Increase financial inclusion by improving access to credit finance.
According to the punch newspaper, the bank is being supported by development partners such as the African Development Bank, World Bank, Agence Francaise de Development and KFW Entwicklungs Bank of Germany.
Also the the Development Bank Of Nigeria will support medium to long-term lending to Micro, Small and Medium-scale Enterprises, with duration of up to 10 years and a moratorium period of up to 18 months. This would enable Small & Medium Enterprises in Nigeria have a lengthy period to repay the loans gotten from Development Bank Of Nigeria unlike the other banks.
The Ministry of Finance stated that about 20,000 beneficiaries would be given loans during the Bank’s first year of operations.
Contact Details of The Development Bank Of Nigeria
Address: Abuja, Nigeria