DEVELOPMENT BANKS are banks specifically established to promote the development of various sectors of the economy. They provide medium and long-term loan for capital projects in Agriculture, Commerce and Industry and other essential projects necessary for economic development of a country.
The premier development banks are viz:
- Nigerian Industrial Development Bank (NIDB) – This bank makes provision for medium and long-term loan to the industrial sectors of the economy E.g. Mining, manufacturing and construction industries.
- Nigerian Agricultural and Co-operative bank (NACB) – This bank is solely established to cater for the agricultural sector of the economy. They make provision for adequate credit facilities aimed at promoting agriculture and other co-operative societies.
- The Bank for Commerce and Industry (NBCI)