UDBN Plc Appointed as Fund Manager of a N10 Billion Public Mass Transit Revolving Fund Scheme by the Federal Government of Nigeria

The Federal Government of Nigeria (FGN) in its bid to address the transportation challenges being experienced nationwide, has established a Public Mass Transit Revolving Fund (the Fund) with the objective of increasing the availability of vehicles to the public through eligible transport operators across the country.  

The primary objective of the Fund is to increase the availability of vehicles for public transportation through the provision of buses to identified and pre-qualified transport operators/groups at a concessionary  interest rate. The vehicles provided shall be used for the Public Mass Transit Revolving Fund Scheme.

The Urban Development Bank of Nigeria Plc (UDBN) has been appointed as the Fund Manager with the responsibility of rolling out the Fund by on-lending to eligible operators, with a mid-term plan to grow the Fund and make it self-sustaining.

UDBN was established pursuant to Act No. 51 (of 1992) of the Federal Republic of Nigeria as a Development Finance Institution, to foster the rapid development of urban infrastructure through the provision of finance and banking services. Fund Management is one of the key service offerings of the Bank.

UDBN’s goal as the premier development finance institution in Nigeria is to advance economic growth through the implementation of infrastructural projects, thus improving the quality of life nationwide and making a significant contribution towards ensuring that Nigeria achieves its Vision 20:2020 goal of becoming one of the world’s top 20 leading economies by the year 2020.

For more information and enquiries, please write to pmtf@udbng.com