FG don finish plan to set up BDN with $1.3bn


Naija Govament don don sign paper with world Bank Group and other development partners mek dem release 1.3 billion dollars wey Naija Govament go yuz stat Development Bank of Nigeria.


The Minister of Finance, Mrs Kemi Adeosun, tok this one for the joint press briefing for Washington on Sunday.


Adeosun yan sey mek any bodi no fear, even Bank of Industry, bicos Development Bank of Nigeria no go put sand sand for their garri, as enbe sey na small and Medium Enterprises, dem go dey help.

She yuz queen English tok am like this “The focus of DBN is SMEs and giving them low cost loans. We have been able to crowd in money to the tune of 1.3 billion dollars from the World Bank, African Development Bank and the European Investment Bank.


” We have made a lot of progress now and ready to take off.


‘’We have advertised for the management position and when appointed, that would complement the work and build synergy with CBN intervention.


“We need to get the money into the hands of smaller business that make 50 per cent of our GDP.


” When we talk about illicit financial flows there is a number of issues involved- those from corrupt practices, tax evasion, tax avoidance and those who underpay tax.


” But we are working hard to bring them back to the country,” na so she tek put am.


For the mata wey concern Naija foreign loans, the minister tok sey the country go patronise Eurobonds.


“We are going to look into how we can refinance some of our existing naira debt into the international market to take advantage of the low international rate now.


“We want to take advantage of the fact that there are negative interest rates in a lot of markets and we think we can significantly lower our cost of funds.


“This would lessen the pressure on the domestic market. We have spoken with a lot of lenders and the market is really very attractive now,” na so she tok am.


She also yan sey Naija Federal Govament go reason on top restructuring, reallocating or even cancelling project wey no get head.


“We would strengthen our implementation capacity, including our capacity for monitoring and evaluation.


“As a follow-up, the Federal Government has committed to regular monthly meetings now with the World Bank Group and there would be regular briefings of FEC and NEC on the performance of Nigeria’s portfolios.’’


Governor of CBN, Mr Godwin Emefiele, follow put mouth for the mata, especially the mata wey pipo been dey tok sey wahala dey between fiscal and monetary authorities for interest rates.


The bros sey “We feel that when people are able to access loans at low interest rates, it helps improve growth, reduce unemployment, boost industrial capacity and the rest.


“Based on the data that was available, the MPC (Monetary Policy Committee) felt we can pursue growth through another angle. It has nothing to do with disharmony.


” I feel it is important for me to also join the minister to confirm that there is no disharmony, we are all working together and I believe that in due course, we would achieve the growth that we badly desire for the country,” he said.

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