The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
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In the globalized economy, MSME’s are the driving force behind a large number of innovations, stimulate private ownership, initiate entrepreneurial skills, help diverse economic activities and contribute to the National Growth through employment generation, investments and exports.They constitute more than 90% of all enterprises in most of the countries and employ more than 1/3rd of working population.
The Rural Finance Institution Building Programme (RUFIN) is a Loan Agreement of US$27.2 million between the International Fund for Agricultural Development (IFAD) and the Federal Government of Nigeria.The central objective of the programme is to develop and strengthen Micro Finance Banks (MFBs), other member-based Micro Finance Institutions (MFls), by enhancing the access of the rural populace to the services of these institutions in order to expand and improve agricultural productivity and Micro-Small Rural Enterprises.
The Lagos State Employment Trust Fund (LSETF) was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, to tackle unemployment through job and wealth creation.