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Thursday, July 18, 2024

Nigerian Gov’t To Establish New Development Bank

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President Muhammadu Buhari has said that the federal government is about to establish a new bank, Development Bank of Nigeria.

While addressing the German-Nigeria Business Forum in Berlin, Buhari said that the setup of such bank would reinforce the government’s economic diversification program.

He said when the bank is fully operational, would boost the establishment of small and medium enterprises in the country, by boosting their access to finance.

“Our ambitions of creating a diversified and inclusive economy in Nigeria can only be achieved by having a mix of small, medium and large businesses.

“This is why we worked with the German development agency, KFW, in designing the Development Bank of Nigeria which will support the small and medium size enterprises both financially and technically to ensure they take their rightful place in the industrialization value chain.

“I am pleased to announce that Development Bank of Nigeria will be taking off soon and should be a game changer in our economic diversification plans,” he said.

Announcing that the Foreign Direct Investment (FDI), from Germany, into Nigeria, as modest, he also  urged prospective investors at the gathering to go beyond making known their interest in investing to making binding commitments for trade, investments and industry in the key priority sectors of agriculture, infrastructure, solid mineral and digital economy.

He said that Nigeria, despite recording a trade volume of 2.96 billion dollars with Germany in 2015, still had unexploited areas and the space to diversify its exports to Germany and increase overall trade volumes.

The president also explained that trade relations between both countries primary take the shape of oil and gas exports from Nigeria, machinery, vehicle parts, telecommunications technology and chemical products in the other direction.

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