September 1, 2021

DBN disburses N400bn to 150,000 MSMEs

DBN disburses N400bn to 150,000 MSMEs

By Emma Ujah & Joy Ajayi

The Development Bank of  Nigeria (DBN) Plc has disbursed the sum of N400 billion to over 150,000 Micro, Small and Medium Enterprises (MSMEs) since its inception in 2017.

Managing Director of the bank, Mr Tony Okpanachi, disclosed this during the second annual lecture series of the bank in Abuja yesterday.

According to him, “Since commencing operations in 2017, we have disbursed over N400 billion in loans to over 150,000 MSMEs, out of which, 57 per cent are women-owned and 28 per cent youth-owned businesses, culminating in the creation of over 130,000 jobs.

“In the year 2020 alone, the sum of N190 billion was disbursed through 19 Participating Financial Institutions (PFIs); out of which N9.8 billion was disbursed to 6,935 first time borrowers; N5.7 billion to 9,066 youths, and N11.8 billion to 25,171 women-owned businesses.

“Cumulatively, 83 percent reported an increase in their sales after obtaining the loan, while 48 percent were able to increase their staff strength after receiving the facility.”

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DBN, the MD said, was interested in MSMEs because of its belief in, “big things have small beginnings”.Okpanachi disclosed that from 2017 to date, 125 MSME entrepreneurs were also trained, as part of the bank’s capacity-building initiative through the DBN Entrepreneurship Training Programme.

He added that the 2021 Entrepreneurship Training Programme has commenced and been fully bankrolled by DBN under the platforms of Enterprise Development Centre of the Pan Atlantic University, Google, and Wider Perspectives – a specialised capacity building agency for micro-businesses.

In his address, the President of the African Export-Import Bank (Afrexim) Prof. Benedict Oramah, said that his organisation was working with various member countries to create the necessary environment for MSMEs to take advantage of the African Continental Free Trade Agreement (ACFTA).

Vanguard News Nigeria