5 Things You Need To Know About The Newly Created Development Bank of Nigeria

Nairametrics| After some weeks of dropping teasers about the creation of a new Development Bank of Nigeria to the public, yesterday the Ministry of Finance announced that the Central Bank had eventually given an operational license to the bank. As preparations for the kickoff of the new financial institution continues, we outline 5 key facts about the DBN you should know

1. Old Wine, New Skin: The DBN was actually conceptualized in 2014 but never saw the light of day during the Jonathan administration. However, the Buhari administration vowed to make the project a reality as the Ministry of Finance sought ways to stimulate growth of MSMEs which they say make up about 50% of Nigeria’s Gross Domstic Product (GDP).
2. Some work has been done…: Much work has been put in place for the DBN to kick in 2017. The first round of recruitment has been carried out and the…