ABUJA, April 5 Nigeria's cabinet has approved
$1.3 billion of loans from international lenders to fund the
newly licensed Development Bank of Nigeria, the finance minister
said on Wednesday.
The bank aims to support small businesses with loans of
varying lengths at lower interest rates than are now available
as the country contends with its first recession in 25 years.
The finance ministry has previously said that 50 percent of
the gross domestic product in Africa's largest economy is made
up of small companies.
The loan money is made up of $500 million from the World
Bank, $450 million from the African Development Bank, $200
million from German state bank KfW and $130 million from
France's state development agency, said Kemi Adeosun, Nigeria's
The loan facility is still subject to approval by the
National Assembly, she said.
Last week, the central bank approved the development bank's
(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by