The Development Finance Institutions In Nigeria And The Islamic Finance Since 1964

Introduction

Since 1964 various DFIs were established at both the national and state levels in Nigeria to cater for economic development of some specific sectors. The anticipation was that the DFIs would be able to cover the areas neglected by the commercial banks. This is because it is impossible for these banks to meet the huge financial requirements of the different sectors in the economy. It is also believed the DFIs would become specialist in their various fields to the extent that they exert greater positive impacts on the standard of living of people, infrastructural facilities, socio-economic development, etc than the commercial banks. However, hope has not been met up till today. Our roads are full of pot-holes, power supply is epileptic; most of the population live in de-humanizing housing environment while those that have access to average housing do so at abnormal cost.