Nigeria to establish Development Bank

News Express |23rd Aug 2016 | 3,154

The Permanent Secretary at the Ministry of Finance, Mr Mohammed Dutse, says Nigeria is considering establishing a Development Bank.

Mr Duste said the government is looking at boosting the economy with the bank, considering its benefits.

“It will help provide funds to operators of small businesses in Nigeria at low interest rates,” he said.

On how the project will be implemented, he explained that there would be a screening committee to look at those who had applied and they would concentrate on financing small and medium scale enterprises which were major components of the government’s diversification programme.

“We will also ensure that the project succeeds,” he added

This, according to him, will provide jobs for the nation’s unemployed youths and boost other economic activities.

The oil rich nation’s economy is in its worst period in decades and the Central Bank has said it is heading towards recession.

To cushion the harsh effect of the economy on its citizens, the government said it would allocate 60 billion Naira ($180 million) more spending on capital projects, as part of the 2016 budget.

The Minister of Finance, Mrs Kemi Adeosun, gave the figure on August 19.

She said that the allocation was an addition to earlier releases, aimed at boosting the economy.

Mrs Adeosun said that so far, the government had spent over 400 billion Naira on capital.

•Sourced from Channels TV. Photo shows Finance Minister Kemi Adeosun.

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