Nigeria - Development Bank of Nigeria Plc Project


Project Summary

Approval Date 15 Dec 2014
Signature Date 13 Mar 2015
Planned Completion Date 30 Jul 2020
Last Disbursement Planned Date 30 Jul 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 325,993,554.58
Status Implementation

Project General Description

The extension of long-term funding in a combination of sovereign loans and equity for an amount of up to USD 500 million from the African Development Bank Group for the new DFI being established in partnership between the FGN and international DFIs such as the AfDB Group, the World Bank, KfW, DFID and AFD. The Development Bank of Nigeria (DBN) will utilize the bulk of the mobilized funds for on-lending to MSMEs operating in various sectors of the Nigerian economy through eligible participating financial institutions while a portion (20% of the AfDB Group funding) will be used to benefit small and medium-sized corporates through PFIs as well. The Development Bank of Nigeria (DBN) will also provide risk-sharing facilities and technical assistance to the PFIs to better serve the targeted beneficiary enterprises.

Project Objectives

The project will contribute to mobilizing significant financial resources for banks and non-bank financial intermediaries, ultimately increasing MSMEs’ access to finance, increasing their productive capacity in the country and stimulating growth in various sectors of the economy. This will increase economic output, improve the country’s competitiveness, generate government and export revenues and create employment opportunities. The proposed intervention will also underpin national poverty reduction efforts as well as facilitate national development.

Beneficiaries

The direct beneficiaries of the intervention are Development Bank of Nigeria (DBN), the Federal Government of Nigeria, as well as MSMEs.

Participating Organization

Funding
African Development Bank
Funding
African Development Fund
Implementing
GOVERNMENT OF NIGERIA

Information

IATI identifier 46002-P-NG-HAA-004
Last Update 31 Oct 2019

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Contact Details

Name OMOLUABI-DAVIES Ometere
Email o.omoluabi-davies@afdb.org

Geographic Location

Country Nigeria
Coordinates Location Name
10 8 Nigeria