FG set to establish Development Bank

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President Muhammadu Buhari has said the Federal Government will soon establish a new bank, Development Bank of Nigeria.

President-Muhammadu-Buhari1

The President said the setting up such a bank would strengthen the government’s economic diversification programme.

Addressing the German-Nigeria Business Forum in Berlin, President Buhari said the bank, when fully operational, would support small and medium enterprises in the country, by improving their access to financing.

“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.

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“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 industrialisation 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.

President Buhari, who described Foreign Direct Investment (FDI) into Nigeria from Germany as modest, urged prospective investors at the gathering to go beyond the expressions of interest and make binding commitments for trade, investments and industry in the key priority sectors of agriculture, infrastructure, solid minerals and digital economy.

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He said Nigeria which recorded a trade volume of 2.96 billion Dollars with Germany in 2015, still had a great deal of unexploited potential and room to diversify its exports to Germany and increase overall trade volumes.

According to the President, trade relations between both countries primarily take the form of oil and gas exports from Nigeria, machinery, vehicles and vehicle parts, telecommunications technology and chemical products in the other direction.

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