Nigeria: DBN disburses N100 billion to over 100, 000 MSMEs

Development Bank of Nigeria (DBN) has said that it disbursed N100 billion to over 100, 000 Micro, Small and Medium Enterprises (MSMEs) in the country last year, according to a news report by Vanguard.

The Managing Director, Tony Okpanachi, who disclosed this in his address at the DBN's virtual third Annual General Meeting in Abuja said that the disbursement resulted in 3,192 job creation in the financial year ended December 2019.

While giving a scorecard on the bank's activities and contribution to the Nigerian economy, he said that the bank working through its Participating Financial Institutions, PFIs, has facilitated an increase in MSME revenue, as well as assets.

Okpanachi ha said that DBN has focused on engendering gender equality in its loan distribution and empowered youths with 52 percent of the total loan disbursed to these segments in 2019.

"Through our 27 Participating Financial Institutions, over N100bn was disbursed last year, impacting cumulatively over 100,000 MSMEs. So far, 3,192 jobs have been created leading to an increase of 10 percent in MSMEs revenue and a 6.8 percent increase in the value of their land assets, "Okpanach said.

"Also, 52 percent of loans disbursed in 2019 was to youths and women-owned businesses. This is in our bid to promote economic empowerment and gender equality," he added.