Nigeria Finance minister, Mrs. Kemi Adeosun has said that the Development Bank of Nigeria (DBN) is being positioned to address the lingering low financing of Small and Medium Scale Enterprises sector in the country.
The Minister, who spoke at a retreat for DBN’s Board, Management and Development partners in Abuja today, Monday, noted with concern that Nigeria’s financing of SMEs is far below what other countries put up.
She said that some of such countries are Brazil with 63 per cent financing, Ghana with 36 per cent, China with 30 per cent, Kenya with 24 per cent, and South Africa with 21 per cent.
The minister gave assurance that the Federal Government is ready to provide support for the new development financial institution and that there would not be any political interference whatsoever.
She said that DBN will provide financial support to microfinance banks, which will in turn develop specific products for specific markets.
According to Adeosun She the Finance Ministry is already in discussion with the Central Bank of Nigeria (CBN) to use the Development Bank as a vehicle for any of its subsequent SMEs intervention. [myad]
Home BUSINESS BANKING & FINANCE Nigerian Development Bank To Address Low Financing Of SMEs – Minister
