The Nigerian bank for commerce and industry is?

A. a commercial bank
B. a development bank
C. an industrial bank
D. a merchant bank

Correct Answer:

Option B = a development bank

Explanation

Development banks are specialized banks that provide medium and long-term finance to the industrial and agricultural sectors. The Nigerian bank for commerce and industry is an example of a development bank. It provides loans and finances for entities involved in the industrial and agricultural sectors.