Nigeria president Muhammadu Buhari declared on October 14, that a new bank, Development Bank of Nigeria {DBN}, would be designed to strengthen the government's economic diversification program and when fully operational, will support small and medium scale business in Nigeria.
The president recently said he wished to transform Nigeria into a country with diversified economic. Nigeria generates 70% of it's national revenue from oil but has seen a collapse in the price of oil per barrel, which has in turn affected the nation's economy drastically.
The president said his government wish to support entrepreneurs by improving their access to financing. He said
Our ambitions of creating a diversified and inclusive economy Nigeria can only be achieved by having a mix of small, medium and large businesses.
That is why we worked with the Germany development agency, KFW, in designing the Development Bank of Nigeria which will support the small and medium size enterprises both financially and technically to ensure that they take their rightful place in the industrialization value of chain.
I am proud to announce the Development Bank of Nigeria will be taking off soon and should be a game changer in our economic diversification plans.President Buhari: My wife belongs to my kitchen and my other room
The president was keen to remind Nigerians of revenues generated from the trade volume of 2.96billion dollars with Germany in 2015 and insisted that further trade could create room to diversify it's export to Germany and increase overall trade volumes. He said
Nigeria has remained a country of potential. Now we are in a hurry to realize and develop this potential.
Nigeria is not yet where we would like it to be but I am confident that the government and the people of Nigeria are determined to a change and be where we would like Nigeria to be.
A major economy that is subjected to good governance on the basis of the rule of law and constitutional order and a responsible member of the international community.The President also said that corruption is the reason why a mineral rich country like Nigeria would still account for over 70% citizens who still live in poverty.
We have boldly set out to Bring an end to a culture of impunity and abuse of public trust. Corruption is the reason why we went through years of an oil boom and came out with very little to show in terms of saving or investments.
Corruption is the reason our military struggled for so long against book haram. Corruption is one of the reasons that in spite of our rich human and natural resources as a country, 70% of our population continues to live in poverty.
Now we have said enough is enough. It is time to make public funds work for the public good and that is why we are bringing culprits to book and recovering looted funds and assets.
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