New Nigerian development bank aims to fill small-business credit gap

Nigeria, with the largest economy in sub-Saharan Africa, is launching its own development bank. The Development Bank of Nigeria, conceived in 2014, is now capitalized with $1.3 billion from the World Bank, KfW, the African Development Bank and the Agence Française de Development. The bank aims to lower borrowing rates and lengthen loan tenures for small businesses and microfinance banks. Small businesses employ about 60 of the 73 million working Nigerians, yet receive only five percent of bank lending.

Photo credit: Dreamstime | Stefan Dahl Langstrup

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