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Nigeria seeks $200m credit from Germany to establish development bank

13 June 2014, 11:17

Abuja - The federal government is seeking $200 million soft credit from the German government for the establishment of a development bank, the Minister of Finance, Dr Ngozi Okonjo-Iweala, said on Thursday.

Okonjo-Iweala made the statement when a delegation of the German Government visited her in Abuja,
adding that a Development Bank of Nigeria was needed to ensure long-term loans for development of the country.

She said that Nigeria had excellent relations with Germany and would want it to support growth and development in strategic areas of its economy.

"One of the areas is industrial revolution plan, which we have just launched; we think that we need to manufacture more things in Nigeria because we have a large market.

"The second area is that we admire the way that you built your development bank, KFW.

“Nigeria is building a development bank; the president and the vice-president have pushed very hard for us to have long-term money in this economy.

"We want you to support. We are negotiating with you about $200 million of support in soft credit form,’’ she added.

The minister said that in manufacturing, Nigeria would give priority to electronics and cars, especially with the large market in the country.

On the state of the nation’s economy, she said that with the re-based Gross Domestic Product (GDP), Nigeria remained the largest economy in Africa with $510 billion.

She added that with per capita income of $2 668, the country still maintained its status as a low-income nation with a positive growth rate of 7 percent.

The minister, however, stated that the nation was faced with three major challenges of jobs creation, inclusion and high inequality.

Earlier, the leader of the German delegation, Gerd Mueller, said that the aim of the visit was for the minister to educate them on current economic developments in Nigeria.

"Nigeria is very important and prominent in the region and we know that you are very prominent in the Nigerian government and so our visit is for you to inform us of the current economic situation in the country,’’ Mueller said.

He said the team wanted "to be briefed on the specific development in the security situation in Nigeria.’’

-      NAN

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