N482BN To MSMEs: since its foundation, the Development Bank of Nigeria (DBN), Nigeria’s major wholesale development financing institution, claims to have given N482 billion to Micro, Small, and Medium-Scale Enterprises.
According to the report, 65% of the money went to women and youth-owned enterprises. AfDB provides $15 million to 69,000 Nigerian women entrepreneurs.
The DBN Managing Director, Tony Okpanachi, assured stakeholders at the presentation of the financial summary for 2021 that the bank’s fundamentals remain strong.
Mr. Okpanachi said of the Bank’s financial success;
“Its solid corporate governance structure, business strategy, and top-notch enterprise risk management, paired with highly dedicated Board, Management, and Staff,”
According to him, the Bank has remained focused on its mandate of providing access to finance to Nigeria’s most critical, but underserved Micro, Small, and Medium-Scale Enterprises through Participating Financial Institutions, as well as providing partial credit guarantees to encourage lending to MSMEs.
N482BN To MSMEs: the MD said;
“We are very pleased by our cumulative disbursement of N482 billion, particularly to women-owned or managed enterprises,”.
Furthermore, he thanked the Bank’s shareholders, development partners, PFIs, Board of Directors, and staff for their continuous support, vowing to stay focused on the Bank’s objective and continue efforts to provide MSMEs with sustainable finance and capacity building.