Development Banks in Nigeria and Their Areas of Business (Functions)


Alt: = "Development Bank of Nigeria logo"

What is Development Bank?

A development is a bank specifically established with the purpose of providing long-term financing for various development projects, which help to accelerate economic development of a country or region.

Development banks play important roles in economy development of a country. The purpose of this article is to list the various development banks in Nigeria and the areas of the Nigerian economic they are making contributions for the overall growth of the nation's economy.

List of Development Banks in Nigeria

  1. Development Bank of Nigeria PLC
  2. Bank of Agriculture
  3. Bank of Industry
  4. Federal Mortgage Bank of Nigeria
  5. The Infrastructure Bank
  6. Nigeria Export Import Bank

1 Bank of Agriculture (BOA)

Is a development finance registered in 11th June, 2007, formally Agricultural Development and Rural Development. Nigerian Agricultural and Cooperative Bank, was first established in 1973 with the mandate of providing long-term loans for agricultural enterprises. It provides credit facilities to support all agricultural value chain businesses. It also provides non-agricultural micro credit facilities to micro, small and medium enterprises. It carries out other functions such as savings mobilization, capacity development through cooperative development of agricultural information system, and provision of technical support and financial advisory services

Address: Yakubu Gowan Way, PMB 21555, Kaduna State

Postal Address: PMB 21555, Kaduna

Telephone: +234 8023101946

2 Bank of Industry (BoI)

Established in 11th June, 2007

Area of Business/ Functions

The bank was established with the mandate of providing financial assistance for the establishment of small, medium and large business projects and for the expansion, diversification and modernisation of existing ones. The bank focus more in providing credit facilities to the processing and manufacturing sector of the economy. Its product offerings include asset financing, working capital, and more.

Address: 23, Marina, Lagos

Postal Address: P.O.Box 2357, Lagos

Telephone: +234 01 2713439


3 Development Bank of Nigeria PLC

Development finance incorporated in 29th March, 2017

Address: Plot 1386A Tigris Crescent, Maitama, FCT Abuja

Telephone: +234 9 9040000

Ownership Type: Foreign and Domestic investors

4 Federal Mortgage Bank of Nigeria

Established in 11th June, 2007

Address: Plot 266, Cadastral Zone AO, Central Business District, Abuja

Postal Address: +234 9 2344212

5 Nigeria Export Import Bank

Registered 11th June, 2007

Address: Plot 975, Cadastral Zone AO, Central Business District, Abuja

Postal Address: PMB 276 Garki, Abuja

Telephone: +234 9 52416309

6 The Infrastructure Bank

Formerly Urban Development Bank of Nigeria PLC, The Infrastructure Bank Plc was established with the mandate to foster rapid infrastructural development across the country. It is sponsored by Government through Development Finance Institution (DFI), but private-led. Its owned by the three tires of government, the Nigerian Labour Congress, and the Private sector investors.

The Infrastructure Bank is established with the mandate to raise and manage funds for infrastructure development projects across the country. The areas covered are Transportation, Power & Renewable Energy, Mass Housing and District Development, and Urban Infrastructure and Municipal Finance projects.

Registered since 11th June, 2007

Address: Plot: 977, Central Business District, Zone 6 Wise, Abuja

Postal Address: P.M.B 272 Abuja FCT

Telephone: +234 09 6721671

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