The Federal Government over the weekend
reached an agreement with the World Bank
Group and other development partners for
the release of about $1.3billion for the
funding of Small and Medium Enterprises
(SMEs) with the planned takeoff of the
Development Bank of Nigeria (DBN).
Nigeria’s Finance Minister, Mrs Kemi
Adeosun, broke this news at a post event
press briefing in Washington DC, USA, and
stated that upon commencement, DBN would
serve as a conduit for government
intervention in SMEs and medium sized
enterprises as part of efforts to achieve
inclusive growth.
reached an agreement with the World Bank
Group and other development partners for
the release of about $1.3billion for the
funding of Small and Medium Enterprises
(SMEs) with the planned takeoff of the
Development Bank of Nigeria (DBN).
Nigeria’s Finance Minister, Mrs Kemi
Adeosun, broke this news at a post event
press briefing in Washington DC, USA, and
stated that upon commencement, DBN would
serve as a conduit for government
intervention in SMEs and medium sized
enterprises as part of efforts to achieve
inclusive growth.
Nigerian SMEs account for over 50 per cent
of the country’s GDP, but have often been
starved of funds due to inappropriate
allocation mechanism that involve
commercial banks and other stakeholders
that are not genuinely committed to their
growth.
of the country’s GDP, but have often been
starved of funds due to inappropriate
allocation mechanism that involve
commercial banks and other stakeholders
that are not genuinely committed to their
growth.
According to Adeosun, with this latest
agreement with development partners, efforts
are now being geared towards recruiting the
key management staff of the bank to enable
it commence full operation.
agreement with development partners, efforts
are now being geared towards recruiting the
key management staff of the bank to enable
it commence full operation.
The minister
noted that there will be a release of $1.3
billion which would be used to support SMEs
which are part of the engine that will spur
the growth of the Nigerian economy. With
this development, SME lending at low rates
will now be facilitated through the DBN and
we are ready to resolve the outstanding
issues.
noted that there will be a release of $1.3
billion which would be used to support SMEs
which are part of the engine that will spur
the growth of the Nigerian economy. With
this development, SME lending at low rates
will now be facilitated through the DBN and
we are ready to resolve the outstanding
issues.
On the same note, Adeosun also noted that
bilateral meetings have UK Department for
International Development and other to stop
illegal financial flows out of Nigeria. “We had
a number of specific bilateral meetings with
UK Department for International
Development, the US treasury and other
partners and pbased on the need to reverse
the trend of illegal financial flows out of
Nigeria,” said Adeosun.
bilateral meetings have UK Department for
International Development and other to stop
illegal financial flows out of Nigeria. “We had
a number of specific bilateral meetings with
UK Department for International
Development, the US treasury and other
partners and pbased on the need to reverse
the trend of illegal financial flows out of
Nigeria,” said Adeosun.
“We have agreed on
a number of initiatives to achieve significant
repatriation of monies illegally taken out of
the country.
a number of initiatives to achieve significant
repatriation of monies illegally taken out of
the country.
These include monies that have
been taken by way of illegal tax repatriation,
tax avoidance as well as those illegally
stolen by past government officials,”.
been taken by way of illegal tax repatriation,
tax avoidance as well as those illegally
stolen by past government officials,”.
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