CURRENTLY FUNCTIONAL AND PROPOSED DEVELOPMENT BANKS , THEIR MANDATES AND OWNERSHIP

[7/2, 8:14 AM] Alaba Babalola: Development Banks in Nigeria.

(Currently Functional and Proposed)👇


Good morning, my friend! I'd be glad to help. Here's a list of functional and proposed development banks in Nigeria as of 2025:


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✅ Functional Development Banks in Nigeria

These are government-backed institutions that are currently operational and focused on financing sectors like agriculture, industry, housing, infrastructure, and small businesses.

1. Bank of Industry (BOI)

Focus: Industrial and manufacturing sector, SMEs.

Ownership: Federal Government of Nigeria.



2. Bank of Agriculture (BOA)

Focus: Agricultural development and agribusiness.

Ownership: Federal Ministry of Finance and Central Bank of Nigeria.



3. Nigeria Export-Import Bank (NEXIM)

Focus: Export financing for non-oil products and services.

Ownership: Federal Government via the Ministry of Finance and Central Bank.



4. Development Bank of Nigeria (DBN)

Focus: Financing MSMEs (Micro, Small and Medium Enterprises).

Funded by: World Bank, AfDB, and other international development partners.



5. The Infrastructure Bank (TIB)

Focus: Infrastructure projects including transport, power, and urban renewal.

Previously Urban Development Bank of Nigeria Plc (UDBN).



6. Federal Mortgage Bank of Nigeria (FMBN)

Focus: Affordable housing finance, National Housing Fund (NHF).

Main mortgage lender for low and middle-income earners.





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🏗️ Proposed or In-Development Development Banks

These are either under planning, restructuring, or have been proposed in policy discussions or by legislative action but are not yet fully operational.

1. National Development Bank (NDB) (Proposed)

Aim: Merge several development finance institutions (BOI, BOA, NEXIM) into one large institution.

Status: Discussed in policy circles, but not yet executed.



2. Nigerian Diaspora Investment Bank (Proposed)

Aim: Mobilize investments from the Nigerian diaspora.

Status: Proposed by the Nigerians in Diaspora Commission (NiDCOM).



3. National Infrastructure Investment Fund (NIIF) (Proposed)

Aim: Public-private infrastructure financing vehicle.

Status: Discussed in recent infrastructure financing strategies.



4. Technology and Innovation Bank of Nigeria (Proposed)

Aim: Fund tech start-ups, R&D, and digital innovation.

Status: Proposed in national science/technology policy documents.



5. Youth Investment & Development Bank (Proposed)

Aim: Empower youth entrepreneurship and job creation.

Status: Suggested in discussions around youth development funding.
[7/2, 8:17 AM] Alaba Babalola: Certainly! Here's the revised list containing only functional development banks in Nigeria, with the proposed ones removed:


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✅ Functional Development Banks in Nigeria

1. Bank of Industry (BOI)

Focus: Industrial and manufacturing sectors, including SMEs.

Ownership: Federal Government of Nigeria (Ministry of Finance and CBN).



2. Bank of Agriculture (BOA)

Focus: Agricultural production, agribusiness, and rural development.

Ownership: Federal Ministry of Finance and Central Bank of Nigeria.



3. Nigeria Export-Import Bank (NEXIM)

Focus: Promoting and financing non-oil exports.

Ownership: Jointly owned by the Federal Ministry of Finance and the Central Bank.



4. Development Bank of Nigeria (DBN)

Focus: Providing credit and capacity-building for Micro, Small, and Medium Enterprises (MSMEs).

Funded by: World Bank, African Development Bank (AfDB), European Investment Bank, and others.



5. The Infrastructure Bank (TIB)

Focus: Financing infrastructure projects such as transportation, energy, and housing.

Formerly: Urban Development Bank of Nigeria (UDBN).



6. Federal Mortgage Bank of Nigeria (FMBN)

Focus: Providing affordable housing finance and managing the National Housing Fund (NHF).

Target: Low- and middle-income Nigerians.
[7/2, 8:21 AM] Alaba Babalola: You're most welcome! Here's a detailed breakdown of the mandates and ownership structures of the functional development banks in Nigeria:


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✅ 1. Bank of Industry (BOI)

Mandate:
To provide financial assistance for the establishment of large, medium, and small enterprises, as well as expansion, diversification, and modernization of existing enterprises. BOI primarily supports manufacturing, processing, and value-added businesses to promote industrialization.

Ownership:

Federal Ministry of Finance Incorporated (MOFI) – Majority shareholder

Central Bank of Nigeria (CBN)

Private institutional investors (minority shareholding)




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✅ 2. Bank of Agriculture (BOA)

Mandate:
To provide credit facilities to support all agricultural value chains, including crop production, livestock, aquaculture, agro-processing, and rural enterprises. Its goal is to promote rural development and food security.

Ownership:

Federal Ministry of Finance Incorporated (MOFI) – Majority stakeholder

Central Bank of Nigeria (CBN)

Federal Ministry of Agriculture and Food Security




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✅ 3. Nigeria Export-Import Bank (NEXIM)

Mandate:
To facilitate the diversification of the Nigerian economy by providing export credit, guarantees, and insurance for non-oil exports. NEXIM supports Nigerian exporters to expand into regional and global markets.

Ownership:

Federal Ministry of Finance Incorporated (MOFI) – 60%

Central Bank of Nigeria (CBN) – 40%




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✅ 4. Development Bank of Nigeria (DBN)

Mandate:
To provide wholesale funding and partial credit guarantees to eligible financial intermediaries for on-lending to Micro, Small, and Medium Enterprises (MSMEs). DBN is also involved in capacity-building programs for MSMEs.

Ownership:

Federal Government of Nigeria (via MOFI)

World Bank

African Development Bank (AfDB)

European Investment Bank

French Development Agency (AFD)

German Development Bank (KfW)




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✅ 5. The Infrastructure Bank (TIB)

Mandate:
To finance infrastructure development across Nigeria, including transportation (roads, railways), energy, water supply, and municipal services. TIB also supports public-private partnership (PPP) projects.

Ownership:

Federal Government of Nigeria

State Governments

Local Governments

Private institutional investors

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✅ 6. Federal Mortgage Bank of Nigeria (FMBN)

Mandate:
To promote home ownership among Nigerians by providing long-term, low-interest housing finance. FMBN manages the National Housing Fund (NHF) and partners with primary mortgage institutions (PMIs).

Ownership:

Fully owned by the Federal Government of Nigeria

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