Development Bank of Nigeria Gives N70bn MSMEs Loans in 18 months’
The Chairman of the Development Bank of Nigeria (DBN), Dr. Shehu Yahaya, has said the bank has impacted over 50,000 Micro, Small and Medium scale Enterprises (MSMEs) and has given out about N70bn in loans to them since inception one and half years ago.
DBN was established in 2014, but began operations in 2017. It was established as a wholesale lender to alleviate financing constraints faced by the MSMEs in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market conforming and fully financially sustainable basis.
The chairman spoke at the maiden edition of the DBN Annual Lecture Series with the theme: “Surviving to Thriving: MSMEs as the Key to Unlocking Inclusive Growth in Africa.”
He noted that studies and surveys by DBN, SMEDAN, the CBN and others had identified finance as a major constraint for MSMEs.
He said this was why the establishment of DBN was particularly essential- so that it could act, along with other DFIs, DMBs and MFBs, to support MSMEs which played a critical role in promoting growth, jobs, and help address the challenges of poverty and youth inequality.
Mr. Tony Okpanachi, the MD/CEO of DBN, in his welcome address, said the discussion at the lecture would help DBN to further upscale the capacity of PFIs to lend to MSMEs and improve the capacity of MSMEs across all sectors of the economy to access and use finance efficiently.