The Development Bank of Nigeria (DBN), the country’s leading wholesale development finance institution, has announced that it has distributed about N482 billion to micro, small and medium enterprises (MSMEs) in Nigeria since it started operating in 2017.
The Bank said 65% of the beneficiaries were women and youth-owned businesses, while 27% were youth-owned enterprises.
The DBN Managing Director, Tony Okpanachi, presented the 2021 financial summary to the stakeholders and said that the Bank’s financial performance was strong, with gross earnings of N38.18 billion and a profit before tax of N22.76 billion, showcasing an increase of 25 per cent from the previous year.
He credited this to “its solid corporate governance framework, business model, and excellent enterprise risk management, along with the dedication of its Board, Management and Staff”.
He said the Bank was committed to providing financial access to Nigeria’s most vital but underserved MSMEs through Participating Financial Institutions and offering partial credit guarantees to stimulate lending to MSMEs.
He said he was very pleased with the Bank’s total disbursement of N482 billion, especially to businesses empowering women and reducing poverty.
He thanked the Bank’s shareholders, development partners, PFIs, Board of Directors and employees for their ongoing support.
He vowed to stay focused on the Bank’s mission and to continue working towards sustainable financing and capacity building for the MSMEs.
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