Question on: JAMB Economics - 2020
The Nigerian bank for commerce and industry is?
A
a commercial bank
B
a development bank
C
an industrial bank
D
a merchant bank
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Correct Option: B
A development finance institution, also known as a development bank or development finance company, is a financial institution that provides risk capital for economic development projects on a noncommercial basis. Wikipedia
Development banks provide medium and long-term finance to the industrial and agricultural sectors. The Nigerian bank for commerce and industry is a good example of a development bank.
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