Ask Nigerians to name the commanding heights of their economy, and most will point to the oil wells of the Niger Delta, the gleaming financial towers of Lagos Island, or the sprawling cement factories owned by Aliko Dangote.The country’s ruinous dependence on a boom and bust oil sector, and the exposure granted to a small community of celebrity tycoons, means that thousands of small and medium-sized businesses (SMEs) go largely ignored.

This blind spot extends to the country’s banking sector, which for years has starved would-be entrepreneurs of essential capital.The new Development Bank of Nigeria, a joint venture between the government and international development finance institutions, aims to change the picture. The $1.5bn bank, which recently completed recruitment of its leadership is expected to launch imminently, is designed to act as a catalyst by disbursing funds to the country’s banking sector, who in turn will lend to the real economy.