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 economy 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
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
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 focuses 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/
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
Federal Mortgage Bank of Nigeria
Established in 11th June, 2007
Areas of Business/Functions
According to FMBN Cap, F16, the functions and areas of business of Federal Mortgage Bank of Nigeria include:
- Provision of long-term credit facilities for mortgage institutions in Nigeria
- Mobilisation of both domestic and foreign funds into the housing sector.
- Encourage the establishment and growth of existing viable primary and secondary mortgage institutions to service the need of housing delivery across Nigeria
- Linking capital market with housing industry
- Establish and manage secondary mortgage market
FMBN provides estate development loan for housing developers.
Rent-to-own mortgage housing services to individuals
Home renovation loan
Cooperative housing scheme
Nation Housing Fund: Affordable mortgage financing for Nigerians
Address: Plot 266, Cadastral Zone AO, Central Business District, Abuja
Postal Address: +234 9 2344212
Website: https://www.fmbn.gov.ng/
Nigeria Export Import Bank
Registered 11th June, 2007
The Nigerian Export-Import Bank (NEXIM) is a Federal Government of Nigeria owned bank with the mandate to promote export diversification through the provision of Finance, Risk Bearing and Advisory Services in line with Government trade policy.
Established by Act 38 of 1991 as an Export Credit Agency (ECA), NEXIMBANK replaced Nigerian Export Credit Guarantee & Insurance Corporation which was established under Act 15 of 1988.
It was established with a share capital of N50, 000,000,000 (Fifty Billion Naira) held equally by the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria.
Areas of Business/ Functions: According to Act which established the bank, its statutory functions are:
- To provide of export credit guarantee and export credit insurance facilities to Nigerians who are its clients.
- It provides credit in local currency to its clients for exporters.
- It establishes and manages funds designated for exports.
- Maintains a foreign exchange revolving fund for lending to exporters who need to import foreign raw materials or machineries to facilitate export production.
- Provision of domestic credit insurance that would assist exports.
- The bank maintains a trade information system in support of export business.
- Provides short and medium term loans to Nigerian exporters. It also provides short term guarantees for loans granted by Nigerian Banks to exporters as well as credit insurance against political and commercial risks in the event of non-payment by foreign buyers. The Bank is also the government’s National Guarantor under the ECOWAS Inter-state Road Transit programme.
Address: Plot 975, Cadastral Zone AO, Central Business District, Abuja
Postal Address: PMB 276 Garki, Abuja
Telephone: +234 9 52416309
Website: https://neximbank.com.ng/
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. It's 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
Website: http://www.infrastructurebankplc.com/bank.php
