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
- Development Bank of Nigeria PLC
- Bank of Agriculture
- Bank of Industry
- Federal Mortgage Bank of Nigeria
- The Infrastructure Bank
- 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
Website: https://www.boi.ng/
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.
http://www.infrastructurebankplc.com/bank.php
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
