The Nigerian government on Monday inaugurated the Development Bank of Nigeria (DBN) to revolutionize small businesses in the country.
Speaking at the event in Abuja, the capital, President Goodluck Jonathan expressed optimism that the bank would eliminate all obstacles hindering the growth of micro, small and medium enterprises and their ability to generate the much needed jobs for the country.
He said the DBN, which is a private sector driven financial institution, is meant to alleviate the financial constraints being experienced by operators of small businesses for rapid and sustainable national development.
The Nigerian leader acknowledged the support of the country's development partners such as the African Development Bank (ADB), the World Bank, Agence Francaise de Development (afd), and KFW Entwicklungs Bank of Germany, saying DBN would be a success story for Africa
He said the government would ensure financial discipline and the adoption of international best practices in the operation of the bank.
According to the president, the challenges faced by the sector should be addressed in order to harness the benefits of development in terms of growth both in GDP and employment as well as leading the way for industries of the future.
He expressed the hope that DBN would stimulate strong growth in agriculture, manufacturing and among micro, small and medium enterprises.