DBN Lends Over N70bn To 50,000 Enterprises In Nigeria

DBN Lends Over N70bn To 50,000 Enterprises In Nigeria

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The Development Bank of Nigeria (DBN) has lent over N70bn to more than 50,000 Micro, Small and Medium Enterprises, MSMEs in Nigeria since inception.

Chairman of DBN Dr. Shehu Yahaya disclosed this at the maiden lecture series of the bank in Abuja.

Dr. Yahaya informed stakeholders that the bank has since inception remained committed to the development of the real sector and the economic growth of Nigeria, through the support for MSMEs.

DBN Lends Over N70bn To 50,000 Enterprises In Nigeria

He believed that effective financing of the enterprises would go a long way to address the unemployment challenges in Nigeria.

The MD/CEO of DBN Mr. Anthony Okpanachi in his remarks said the bank was well-positioned to play a catalytic role in providing funding and guarantees to the MSMEs in the country.

According to Okpanachi, the DBN lecture series was an opportunity to interact with stakeholders on how to reposition MSMEs in Nigeria, to be of immense value to the Nigerian economy.

Read:  Wema Bank Posts N1.83b Half-year Profit Before Tax

He also hinted that the DBN has worked out an innovative financing model to improve the financing of MSMEs.

The Permanent Secretary of Finance in Nigeria Dr. Mahmoud Isa Dutse in his remarks,  said  MSMEs contribute more than  60% of the GDP  of the country far more than the 10%  contributed by oil.

Read:  All You Need to Know About Accessing DBN Loans

Other speakers who participated at the lecture include; Dr. Mansur Muktah( Vice president, Country Operations, Islamic Development Bank), Mrs. Ndidi Nwuneli (Founder, LEAP Africa and Managing Partner, Sahel Consulting,  Amal Hassan-Technopreneur and founder of Outsource Global).

The DBN Annual Lecture Series is a thought leadership initiative of the Development Bank of Nigeria, which provides a platform for a robust exchange of ideas to meet the challenges and opportunities that exist in the MSME segment of the economy.

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