Senate hearing today on the establishment of National Development Bank of Nigeria

The Nigerian senate today will seat for the public hearing on a bill to establish the National Development Bank of Nigeria; the bank will provide loans to small, medium and large industrial enterprises with five to ten-year maturity, with a grace period of one to three years depending on the enterprise. The bank will also provide working capital loans to eligible enterprises where projects are unable to secure a loan from the banking system, the loans could be in naira or foreign currencies depending on the source of available funds to the bank for the requirement of the eligible enterprise or project.

The eligibility procedure  requires that the enterprise or project is financially viable, has a majority equity holding by Nigerians and in the case of a manufacturing enterprise or project 60% of the value of its raw materials and other production inputs are derivable from the local economy.