ABUJA Oct 17 Nigeria plans to launch a
development bank by January to support smaller-scale businesses,
the finance minister said on Monday, as the country seeks a way
out of its worst economic crisis in decades.
The Development Bank of Nigeria (DBN) has secured commitment
from the World Bank for $1.3 billion in seed money, Kemi Adeosun
said in a statement.
The African Development Bank's president said last month it
was investing $500 million in the DBN, and that it could be in
place by November.
"It is going to provide money for (small and medium-sized
enterprises) and for Nigeria that is really important because 50
percent of our GDP is made up of small companies," Adeosun said
in a statement.
Nigeria, Africa's largest economy, has slid into recession
for the first time in 25 years as low oil prices have slashed
government revenues and weakened the naira currency.
(Reporting by Felix Onuah; Writing by Chijioke Ohuocha; editing
by John Stonestreet)