PetmaxFlame:
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

Jobs For The Unemployed
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.

SOURCE: http://www.petmaxflame.com/2016/08/nigeria-to-establish-development-bank.html

haryomikun:

Omeny:
Misplaced priority.
In as far it's a good idea,how far has the ones we have before fared?

We have Bank of Industry and Mortgage Banks,how has these banks help ordinary Nigerian and Nation Economy? We should be talking on how to strengthen these ones and not looking for another avenue to loot.

CriticMaestro:
what's the fiction of bank of industry and the federal mortgage bank...yup go ahead and browse it and then see how wrong ur statement is

HAH:
Another conduit, what have the following development banks like federal morgage bank, federal mortgage finance Ltd, urban bank development bank , Bank of agriculture, and export import bank bank achieved that we want to creat another bank if it is that necessary use the existing banks for the development not to create new one

All I see is they are trying to create job forthe boys

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