Jonathan Launches Development Bank of Nigeria

President Goodluck Jonathan, on Monday, performed the official launch of the Development Bank of Nigeria (DBN).
The bank is expected to provide long term loans to Micro, Small and Medium Enterprises (MSMEs) in the country.
The Federal Executive Council had recently approved a multidonor credit facilities from the International Bank for Reconstruction and Development of the World Bank, Africa Development Bank, Germany and French Development Agency in the sums of 500 million US dollars, 450 million US dollars, 200 million US dollars and 130 million US dollars for the establishment of the bank.
Speaking at the launch, President Jonathan stated that the inability of the existing developmental institutions in the country, including the Bank of Industry (BoI) and other commercial banks to satisfy the funding needs of the MSMEs, necessitated the establishment of the DBN.
According to him, the small and medium enterprises have always been the backbone of the nation’s economy, pointing out that the sector has never had the opportunity of accessing cheap funds for its development. The President disclosed that the nation had over 17 million Micro, Small and Medium Enterprises (MSMEs), which employ over 32 million people while contributing over 45% to the Gross Domestic Product (GDP).