The Federal Government has approved a $1.3 billion loan facility for the takeoff of the Development Bank of Nigeria.
The approval was made following a memo submitted by the minister of finance, Kemi Adeosun, to the Federal Executive Council at its weekly meeting chaired by President Muhammadu Buhari.
The loan which has repayment period of 20-21 years is to allow the development bank take off fully. The money, according to the minister will allow the DBN to lend to Small and Medium Enterprises (SMEs) for a longer period.
More details shortly…
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