The deputy governor disclosed this during a panel session at the launch of the Nigeria Development Update by the World Bank in Abuja on Tuesday.
He explained that a recent review by the apex bank found that existing DFIs were too small to meet the credit needs of businesses.
“We conducted a review last year of the development finance space. Across all the DFIs in Nigeria, the total asset base is slightly above N8tn, whereas what is required in development finance for MSMEs is over N130tn,” he said.
Meanwhile, the Federal Government has unveiled plans to introduce a mass savings scheme aimed at reducing reliance on borrowing and expanding domestic investment.
The Minister of Finance, Wale Edun, who also spoke at the launch of the Nigeria Development Update, noted that the initiative will enable Nigerians across income levels to invest and earn returns while supporting economic growth.
He said, “There are mass savings schemes which allow people at all levels of society to save and earn unearned income, including from companies such as refineries and other large firms listed on the stock exchange.”
According to him, “Alternative funding options such as domestic savings mobilisation and equity participation would play a larger role going forward, especially as the government seeks to crowd in private capital.”
He added that the initiative aligns with broader reforms aimed at strengthening public finances, including improved revenue tracking and expenditure control.
