The Development Bank of Nigeria PLC (DBN) has disbursed N74 billion of its total loans of N786 billion portfolios to the Federal Government’s priority sectors, with the manufacturing sector benefitting 3,696 end-borrowers, N38 billion to agriculture 8,163 end-borrowers.
The N786 billion loans were disbursed to 494,819 Micro, Small and Medium Enterprises (MSMEs) across the country, resulting in the creation of 1,200,000 jobs.
The Managing Director/ Chief Executive of DBN Mr. Tony Okpanachi confirmed loan disbursements on Wednesday in Abuja at the bank’s fifth annual lecture. This year’s theme is focused on “empowering Nigerian MSMEs in a challenging global landscape”.
“Since we commenced operations, we have cumulatively disbursed N786 billion in loans to 494,819 Micro, Small and Medium Enterprises (MSMEs) across the country, thereby resulting in the creation of 1,200,000 jobs. We couldn’t have achieved this feat without the support of our stakeholders”
“Notably, as a result of our solid commitment to our mandate of driving sustainable growth, we have also aligned and supported the Federal Government’s priority sectors in our disbursement; for instance, N74 billion of our loans were allocated to the manufacturing sector, benefitting 3,696 end-borrowers; N38 billion to agriculture, reaching 8,163 end-borrowers, just to mention a few.
These strategic investments underscore our drive to grow sectors vital to the nation’s economic development”, DBN MD said.
He said MSMEs in Nigeria are confrontation with multiple challenges. Okpanachi said the government has taken steps to fix identified challenges..
“Recognizing the pivotal role of MSMEs in our economy, the government has also taken significant steps to address these challenges through various initiatives to create a more enabling environment for MSMEs.
“There is still more to be done. We all must support the government’s efforts by working together creatively and implementing innovative strategies to empower MSMEs and unlock their full potential.
“By establishing loan guarantee schemes, allocating funds for innovative startups, providing targeted tax breaks, and investing in essential infrastructure, we can create a conducive environment for MSMEs to grow and prosper”, he added.
DBN Plc is a wholesale development finance institution established to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Its objective is to alleviate financing constraints faced by MSMEs and small Corporations in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.