Match each Nigerian specialized development bank listed on the left with its primary mandate or target sector on the right.
- Bank of Industry (BOI)Financing small, medium, and large industrial enterprises and manufacturing projects
- Bank of Agriculture (BOA)Providing micro-credit and credit facilities to farmers, agricultural enterprises, and rural businesses
- Federal Mortgage Bank of Nigeria (FMBN)Mobilizing long-term funds to provide affordable housing mortgages for residential home ownership
- Nigerian Export-Import Bank (NEXIM)Offering trade finance, export credit guarantees, and insurance for non-oil foreign trade
Answer
The Bank of Industry (BOI) matches financing small, medium, and large industrial enterprises; the Bank of Agriculture (BOA) matches providing credit facilities to farmers and rural businesses; the Federal Mortgage Bank of Nigeria (FMBN) matches providing long-term mortgage financing for residential home ownership; and the Nigerian Export-Import Bank (NEXIM) matches offering trade finance and export credit guarantees for non-oil exports.
Each specialized development bank in Nigeria operates under a clear statutory mandate tailored to a key sector of the economy: the Bank of Industry promotes industrial growth and processing; the Bank of Agriculture finances food production and rural development; the Federal Mortgage Bank of Nigeria expands residential housing access through mortgage schemes; and the Nigerian Export-Import Bank facilitates non-oil international trade.
Step-by-Step Solution
Key Concept
Statutory mandates and sectoral targets of specialized development banks in Nigeria