EIB, AfDB to strengthen Nigeria’s agric lending with $70m
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The European Investment Bank (EIB) and the African Development Bank (AfDB) have agreed to support the creation of new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country with $70 million.
This was contained in a statement released to journalists at the ongoing 2018 Spring Meetings in Washington DC, by EIB and AfDB.
The EIB has finalised a $20 million equity stake in the new financing institution, alongside $50 million equity participation from AfDB.
At present, new investment essential for companies to expand and create jobs is hindered by limited access to commercial banks. The DBN estimates that only 5 per cent of the 37 million entrepreneurs and small businesses in Nigeria that contribute about 50 per cent of GDP can access credit in the financial system.
