The Development Bank of Nigeria plans to make up to 20,000 new loans to small firms within its first year of operations.
Chief Executive, Development Bank,Tony Okpanachi said it is part of efforts to help unlock credit to the recession-hit economy.
Okpanachi said the bank will grant loans of up to 12 years’ maturity, longer than usual for the West African country to enable financing of new projects.
The bank will commence lending in August.
