DBN operations will not affect BOI and BOA — FG

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[Abuja]–The Federal Ministry of Finance has disclosed that the operations​ of the recently licensed Development Bank of Nigeria (DBN) will not affect the activities of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank.

The ministry disclosed this through its medium account yesterday, March 30 in an article titled “what you need to know about the Development Bank of Nigeria (DBN).”

It said “the operations of the DBN will not in any way, result in the elimination of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank.

“The operations of the DBN is distinct from other development banks as it is focused on supporting small businesses defined by size and not by sectors.”

It included that “the DBN will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important financing gap.”

The DBN, was conceived in 2014 but  had been fraught with delays. The present administration however inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.

The DBN will get a fund of US$1.3bn (N396.5 billion), which will be provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency) to finance it operations.

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