Central Bank of Nigeria Gets Approval for Infrastructure Development Company

Posted on 08/18/2020

The Central Bank of Nigeria received approval from the government to create a 15 trillion naira (US$ 38.8) billion infrastructure development company. The infrastructure development company will be jointly owned by the Nigeria Sovereign Investment Authority, African Finance Corporation, and the Central Bank of Nigeria. The amount of capital is being allocated to cover an initial 5-year period.

In 2017, the Nigerian government created the Development Bank of Nigeria PLC to enhance credit for smaller businesses.

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