Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

LAGOS (Capital Markets in Africa) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday.

The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister.

The loan facility is still subject to approval by the National Assembly, she said.