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President Muhammadu Buhari, in a bid to deliver on his campaign promise of making Nigeria one of the best Industrialised nation of the world, in terms of making available world class infrastructural equipment’s, has proposed the establishment of an emergency bank, called the Development Bank of Nigeria, DBN.
The President, who made this known through the Minister of Finance, Kemi Adeosun, on Tuesday, October 18, while providing details of the outcome of the 2016 Annual Meetings of the International Monetary Fund, IMF/World Bank, that was held in Washington DC, the United States of America, USA, capital, disclosed that the proposed Development Bank, would commence operation in January, 2017.
The new bank will be empowered to handle issues of infrastructural development, assist those who want to go into local production of goods and services, among several other benefits.
According to Adeosun, Nigeria’s delegation to the meeting was able to secure the commitment of the World Bank, to expedite action on the transfer of the sum of $1.3 billion, being seed money it promised the Nigerian government, for the urgent takeoff of the bank.
She said, “Nigeria was able to secure the commitment of the World Bank and its group, with the pledge to release $1.3 billion seed money without delay,” she said in an interview with NTA yesterday.
Adeosun added, that ‎her Ministry was already shopping for top Management Officers for the bank, adding that, interviews were conducted for candidates into the positions of Managing Director, and Chief Operating Officer for the bank, last weekend.


“Between last Saturday and Sunday, we were on a panel, interviewing Managing Director and Chief Operating Officer for the DBN, as it must take off by January 2017.
“It is very important, because it is going to provide money for the micro, small, and medium enterprises, and for Nigeria. That is really important, because 50 percent of our GDP, is made up of small companies.
“These are small-sized petty traders, so finding how to make money available to them, is really an important way of getting out of the challenges we currently face.
“So getting the DBN off ground, is a big priority for us, and we have set ourselves a very tight deadline,” she explained.
She noted, that her team was able to secure a profound commitment of international investors, as a result of the specific requests presented by the Nigerian delegation to the meetings. Specifically, she said that the team got the commitment of the two Bretton Woods Institutions, and cooperation of representatives of other developed countries, who were ready to share economic intelligence, on how certain challenges in the Nigerian economy could be tackled.
Her delegation according to her, was able to achieve significant results from the meeting of the multilateral institutions, by being definite on its needs.
“We took our infrastructure needs to them. Not only did they agree to support us, some of them were ready to share their experience and expertise with us,”‎ Adeosun said.

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