The Development Bank of Nigeria (DBN) says it has so far disbursed over N787 billion to over 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs) as at the end of 2023 financial year.
In its recently released cumulative “Social Impact Report” for the year ending 2023, the bank explained that out of the disbursed N787 billion, 72 per cent of the beneficiaries were women, while 24 per cent were made up of youth owned businesses highlighting its role in fostering entrepreneurship and recognising the importance of women-led businesses in driving economic development.
The report also showed that the bank had in the past year, trained more than 3,500 MSMEs on a wide range of courses including Essentials of a Business Plan, Accounting, Book-keeping, Marketing and Branding, Business Sustainability, Environmental and Social Risk Governance among others.
Through its three-fold mandate of wholesale lending, Micro Small and Medium Enterprises advisory and risk sharing/ partial credit guarantees with PFIs, the bank said it has since inception in 2017, created about 1.2million jobs in various sectors of the economy
Commenting on DBN’s 2023 social impact report, the bank’s Managing Director/CEO, Dr. Tony Okpanachi said “The year 2023 has marked another significant milestone for DBN as we continue to make meaningful contributions to the growth and development of Nigeria’s economy. Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors. As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.”
According to him, “One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market. This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.”