GOOD ONE!!! FG Seals $1.3bn SME Deal with World Bank (SEE)

Minister of FInance,  Mrs. Kemi Adeosun. Photo Credit: Ono Bello
Minister of FInance, Mrs. Kemi Adeosun. Photo Credit: Ono Bello

Minister of Finance, Mrs. Kemi Adeosun, has revealed that the Federal Government  (FG) has reached an agreement with World bank and other partners to provide U$1.3 billion to kick off the Development Bank of Nigeria (DBN).

Adeosun who revealed this at the  International Monetary Fund (IMF)/World Bank annual meeting which held in the U.S, said the Federal Government sealed the deal in order to help develop small and medium sized enterprises across the country.

The Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele said while addressing journalists on Sunday, said Adeosun  would serve as a ‘conduit’ between the government and the beneficiaries.

Another area that got attention was the power sector as the Minister disclosed that agreement was reached to host a workshop on assessing solutions to the financial challenges in the power sector in Nigeria.


“The workshop is expected to bring together all critical stakeholders including the Ministry of Power, NNPC, NBET, NERC, Generation Companies (Gencos), Distribution Companies (Discos), CBN, Banks other key players in the sector. Development partners including the World Bank Group are also expected to participate in the workshop being convened,” she stated.

“The delegation met with the Japan International Co-operation Agency (JICA) and secured their commitments in facilitating trade and investment in Nigeria. Specifically, they have agreed to invest in the agro – fisheries sector in Nigeria and made progress on the Jebba Hydro project.

“Our constituency countries, including Angola and South Africa in addition to Nigeria agreed to strengthen co-operation with a view to, in particular, exploring how best to position our counties to benefit from current funding options in the Multilateral Finance Institutions (MFIs), as well as the additional anticipated innovative financing mechanisms in the near term.

“The scope of co-operation will include technical benchmarking and peer review. A joint stakeholder meeting, to be hosted in Abuja is being planned for March, 2017.

“Commitment from Canada was secured to assist Nigeria in the provision of Technical Assistance and other advisory services to enhance the delivery of projects using the Private Public Partnership (PPP) model

“The delegation also presented the Family Homes Fund, an affordable housing initiative, to a number of prospective development partners including the World Bank Group, IFC, MIGA and IDB, and received indicative interest, which we would be pursuing.”

SEE ALSO: “I’m Not The Best”, AY Reveals The Secret Behind His Success (READ)

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