News

Nigeria: DBN will provide up to 20,000 loans in first year of operations

Nigeria: DBN will provide up to 20,000 loans in first year of operations
  • Comments   -   Friday, 19 May 2017 - 11:47

(Ecofin Agency) - Development Bank of Nigeria (DBN) said it will provide up to 20,000 new loans to small firms in its first year of activity. This aims to facilitate access to credit in Nigeria, according to the lender’s chief executive, Tony Okpanachi.

“The focus is on new loans. We know agriculture is a focus area, we will encourage that. We know other small industries. We would also try to encourage those sectors that will give maximum impact to the economy,” Okpanachi said.  

The executive added that his institution will grant loans of up to 12 years’ maturity at rates lower than existing development banks, to enable financing of new projects which would not be viable with short-term funds. The bank which recently obtained its license is to start lending in August with an initial capital of $1.3 billion. Its initial investors are the Nigerian government, African Development Bank, European Investment Bank, the World Bank and KfW.

The DBN was established to support small and medium enterprises in Nigeria which make up to 60% of the economy. 

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Philippine firm International Container Terminal Services (ICTSI) has announced on May 25...
Read more |  26 May 2017
Nigeria is poised to attract over $30 billion worth of investments, as its...
Read more |  26 May 2017
Shareholders of Crystal Telecom which holds 20% of MTN Rwanda are concerned...
Read more |  25 May 2017
After the global call to indigenous populations to fight for their rights...
Read more |  25 May 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-05-19 16:27:45' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-04-26 16:27:45' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-05-26 16:41:32' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=36902,36901,36900,36899,
reference=36902,36901,36900,36899,0
A total of 34 companies submitted bids for the NNPC’s contract for...
Read more |  25 May 2017
The United Nations Industrial Development Organization (UNIDO) will support the Nigerian government...
Read more |  25 May 2017
Nigeria’s oil minister, Emmanuel Kachikwu (photo), said Nigeria is not opposed to...
Read more |  25 May 2017
In its quarterly report on the telecom industry, the Nigerian Communications Commission...
Read more |  24 May 2017
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Philippine firm International Container Terminal Services (ICTSI) has announced on May 25...
Read more |  26 May 2017
After the global call to indigenous populations to fight for their rights...
Read more |  25 May 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-05-19 16:27:45' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-04-26 16:27:45' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-05-26 16:41:32' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
A total of 34 companies submitted bids for the NNPC’s contract for...
Read more |  25 May 2017
The United Nations Industrial Development Organization (UNIDO) will support the Nigerian government...
Read more |  25 May 2017
Nigeria’s oil minister, Emmanuel Kachikwu (photo), said Nigeria is not opposed to...
Read more |  25 May 2017
In its quarterly report on the telecom industry, the Nigerian Communications Commission...
Read more |  24 May 2017

Copyright Agence Ecofin © 2015. All Rights Reserved.