Nigeria’s Finance Minister, Mrs Kemi Adeosun, broke this news at a post event press briefing in Washington DC, USA, and stated that upon commencement, DBN would serve as a conduit for government intervention in SMEs and medium sized enterprises as part of efforts to achieve inclusive growth.
Nigerian SMEs account for over 50 per cent of the country’s GDP, but have often been starved of funds due to inappropriate allocation mechanism that involve commercial banks and other stakeholders that are not genuinely committed to their growth.
On the same note, Adeosun also noted that bilateral meetings have UK Department for International Development and other to stop illegal financial flows out of Nigeria. “We had a number of specific bilateral meetings with UK Department for International Development, the US treasury and other partners and pbased on the need to reverse the trend of illegal financial flows out of Nigeria,” said Adeosun. “We have agreed on a number of initiatives to achieve significant repatriation of monies illegally taken out of the country. These include monies that have been taken by way of illegal tax repatriation, tax avoidance as well as those illegally stolen by past government officials,”.