The primary objectives of the Nigerian Industrial Development Banks(NIDB) is the provision of loans to

The primary objective of the Nigerian Industrial Development Bank (NIDB) is to provide loans to manufacturers. The NIDB was established in 1964 to accelerate the growth and development of industries in Nigeria. The bank provides medium to long-term financing for fixed assets acquisition, working capital, and research and development. Its focus is on promoting the establishment of new industries and the expansion and modernization of existing ones to enhance their productivity and profitability. By providing affordable financing to manufacturers, the NIDB aims to stimulate economic growth and development, create job opportunities, and increase export earnings for the country.