October 17, 2016 / 4:46 PM / 10 months ago

Nigeria to launch development bank by January - finmin

ABUJA, Oct 17 (Reuters) - Nigeria plans to launch a development bank by January to support smaller-scale businesses, the finance minister said on Monday, as the country seeks a way out of its worst economic crisis in decades.

The Development Bank of Nigeria (DBN) has secured commitment from the World Bank for $1.3 billion in seed money, Kemi Adeosun said in a statement.

The African Development Bank's president said last month it was investing $500 million 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 percent of our GDP is made up of small companies," Adeosun said 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.

Reporting by Felix Onuah; Writing by Chijioke Ohuocha; editing by John Stonestreet

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below