Business Nigeria Seeking $200m 'Soft Credit' From Germany to Build Development Bank - Okonjo-Iweala



The Federal Government is seeking 200 million dollars “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.

``We think that Germany can be of great assistance to us in sharing knowledge with us on how it has been able to organise itself to have the right skills at the right industries.

“We want to know, if we are going into manufacturing, how we can do that.

``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 dollars of support in soft credit form,’’ she added.