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Development Bank Of Nigeria Disburses N400bn To MSMEs

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The Development Bank of Nigeria Plc has disbursed the sum of N400 billion to over 150, 000 Micro, Small and Mediun Enterprises (MSMEs) since its inception in 2017.

The Managing Director (MD) of the bank, Mr. Tony Okpanachi, disclosed this during the second Annual Lecture series of the bank, which held virtually today.

According to him, “Since commencing operations in 2017, we have disbursed over N400billion in loans to over 150,000 MSMEs, out of which, 57% are women-owned and 28%  youth-owned businesses respectively, culminating in the creation of over 130,000 jobs.

“In the year 2020 alone, the sum of N190 billion was disbursed through 19 PFIs; out of which N9.8 billion were to 6,935 first time borrowers; N5.7 billion to 9,066 youths, and N11.8 billion to 25,171 women-owned businesses. Cumulatively, 83% reported an increase in their sales after obtaining the loan, while 48% were able to increase their staff strength after receiving the facility.”

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