The Development Bank of Nigeria (DBN) says it has disbursed over N1 trillion to micro, small and medium enterprises (MSMEs). The bank is also exploring sources to raise its debt and equity capital financing to N1.3 trillion in the next five years.
The managing director of the bank, Tony Okpanachi, stated that its support has benefited more than 69,000 MSMEs operating in economically disadvantaged states such as Borno, Yobe, Katsina, Zamfara and Adamawa.
DBN was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in the country.
The objective is to alleviate financing challenges facing the MSMEs and boost job creation initiatives. According to the MD, the bank is fulfilling its mandate as 711,819 MSME beneficiaries reached.
In addition, 1.2 million jobs have been created while 20 participating financial institutions (PFIs) have been supported through the DBN Technical Assistance Programme. He disclosed that 74 per cent of the beneficiaries are women while 25% are youths.
