The federal government has stated that the Development Bank of Nigeria has disbursed over N150 billion since it commenced operations in 2017. The disbursement was done through 27 participating financial institutions for onward lending to MSMEs across the various sectors of the Nigerian economy.
This was contained in a post on the official twitter page of the Federal Government of Nigeria. According to the post, DBN loans had impacted close to 100,000 MSMEs through the process, while 52% of loans by the bank in 2019 were youth and women owned businesses.
“DYK52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs,” the tweet read.
Development Bank of Nigeria was established by the federal government in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. DBN carries out this function by providing financial institutions, predominantly deposit-money and microfinance banks with funding facilities designed to meet the needs of MSMEs.
The bank has also been leading initiative on capacity building for SMEs to equip them with required skills to improve their competence in developing and defending a viable business plan, improve their capacity to access funding, as well as efficient utilization of the funds.