Match each Nigerian specialized development financial institution listed on the left with its primary operational mandate and economic objective on the right.
- Bank of Industry (BOI)Providing long-term finance, debt restructuring, and equity participation to medium and large-scale industrial and manufacturing enterprises.
- Nigerian Export-Import Bank (NEXIM)Granting export credit guarantees, buyer's credit, and trade risk insurance to promote non-oil foreign trade diversification.
- Federal Mortgage Bank of Nigeria (FMBN)Mobilizing long-term funds through the National Housing Fund scheme to provide affordable residential mortgage financing.
- Bank of Agriculture (BOA)Delivering micro-credit, micro-insurance, and concessionary agricultural development loans directly to primary producers and rural agribusinesses.
Answer
The Bank of Industry matches with providing long-term industrial and manufacturing finance; the Nigerian Export-Import Bank matches with granting trade risk insurance and export credit to promote non-oil exports; the Federal Mortgage Bank of Nigeria matches with mobilizing housing funds for long-term residential mortgages; and the Bank of Agriculture matches with providing concessionary loans and micro-credit to primary agricultural producers.
Each specialized bank operates under a distinct legal mandate designed to address market failures in long-term credit provision: the Bank of Industry supports industrial manufacturing; NEXIM facilitates non-oil export trade and risk management; the Federal Mortgage Bank of Nigeria administers national housing mortgage funds; and the Bank of Agriculture provides direct agricultural credit to rural producers.
Step-by-Step Solution
Key Concept
Operational mandates of specialized and development banks in Nigeria