In a key move, March saw the Central Bank of Nigeria (CBN) approve the licence for the Development Bank of Nigeria, whose role will include supporting small businesses by offering them competitively priced financing in the form of loans with lower than usual rates of interest and longer tenures.

The government is seeking external financing for the new institution and is currently awaiting approval for the loan facility from the national assembly. Should the proposal be accepted, the bank will receive $1.3bn in seed money from development finance institutions. The World Bank will contribute $500m along with $450m from the African Development Bank, $200m from the German Development Bank and $130m from the French Development Agency. The lender is also in talks with the European Investment Bank for further financing.