Match each specialized development bank in Nigeria on the left with its corresponding primary financial mandate on the right.
- Bank of Industry (BOI)Providing long-term financing and credit for industrial project expansion and manufacturing
- Bank of Agriculture (BOA)Providing credit and financial support for agricultural production and rural development
- Federal Mortgage Bank of Nigeria (FMBN)Providing long-term credit and loan facilities for residential housing construction
- Nigerian Export-Import Bank (NEXIM)Financing and promoting non-oil foreign trade and export expansion
Answer
The correct pairings are: Bank of Industry (BOI) matches with providing long-term financing for industrial project expansion; Bank of Agriculture (BOA) matches with providing credit for agricultural production; Federal Mortgage Bank of Nigeria (FMBN) matches with providing long-term credit for residential housing construction; and Nigerian Export-Import Bank (NEXIM) matches with financing non-oil foreign trade and export expansion.
Each development bank in Nigeria was established by law to address market failures and lack of long-term funding in specific critical sectors of the economy: the Bank of Industry supports manufacturing; the Bank of Agriculture supports farmers and agro-processing; the Federal Mortgage Bank of Nigeria supports home ownership via long-term mortgages; and the Nigerian Export-Import Bank facilitates non-oil international trade.
Step-by-Step Solution
Key Concept
Roles and Sectoral Mandates of Specialized Development Banks in Nigeria