5 June 2014

Nigerian Development Bank Under Way - Okonjo-Iweala

The coordinating minister for the economy and minister of finance, Dr. Ngozi Okonjo-Iweala, has said that the federal government is fine-tuning plans to establish a Nigerian Development Bank in 2015.

The minister stated this in Abuja yesterday during a dinner organised by the African Development Bank (AFDB) to flag-off events marking the 50th anniversary of Africa's premier development finance institution.

Okonjo-Iweala, who was a guest speaker at the occasion, paid tributes to both the World Bank and the AfDB for strongly supporting Nigeria's aspirations on establishment of a development bank to fast-track economic diversification and sustainable and inclusive growth.

The event attracted dignitaries including Cr4oss River State Governor Lieyel Imoke, representatives of Kaduna State Government and the honourable miniter , Federal Capital Territory (FC). Other dignitaries present included resident coordinator f the United Nations System in Nigeria, Mr. Dauda Toure, former vice-president of the AfDB, Mr. Bisi Ogunjobi, Chairman of the bank's administrative tribunal, Justice Alfa Belgore (retired) and managing director and ceo, Nigerian Export-Imort Bank, Mr. Robert Oryia as well as a representative of the European Union Delegation in Nigeria.

Earlier in his welcome remarks, the AfDB's Nigeria country director, Dr. Ousmane Dore, said that " from a modest capital base of$250 million and a staff base of 10 individuals, the AfDB has has evolved to become Africa's undisputed premier development finance institution, commanding the respect of much older peers like the World Bank and the International Monetary Fund" Dore told his audience that the AfDB started operations in Nigeria in 1971 with a total investment of about $5billion agriculture, infrastructure, education and socialdevelopment adding that the portfolio now includes environment, peace and security building.

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