The Development Bank of Nigeria (DBN) Plc said it supported micro, small and medium scale enterprises (MSMEs) with the disbursement of over N100 billion to over 100,000 businesses.
This, according to the agency resulted in the creation of 3,192 additional jobs in 2019.
The Managing Director, Tony Okpanachi, disclosed this in his address at DBN’s first virtual third Annual General Meeting which held recently in Abuja.
While giving a scorecard on the development bank’s activities and contribution to the Nigerian economy, he said the institution working through its Participating Financial Institutions (PFIs) has facilitated an increase in MSME revenue, as well as assets.
He stated that DBN has focused on engendering gender equality in its loan distribution and empowered youths with 52 per cent of the total loan disbursed to these segments in 2019.
“Through our 27 Participating Financial Institutions, over N100 billion was disbursed last year, impacting cumulatively over 100,000 MSMEs.
“So far, 3,192 jobs have been created leading to an increase of 10 per cent in MSMEs revenue and 6.8 per cent increase in the value of their land assets.
“Also, 52 per cent of loans disbursed in 2019 were to youths and women-owned businesses. This is in our bid to promote economic empowerment and gender equality,” a statement quoted him to have said.
He further stated that DBN has also set up a Credit Guarantee Subsidiary, Impact Credit Guarantee Company Limited with the aim of de-risking the MSME sector by sharing risks with the PFIs to encourage them to lend to this critical sector of the economy. He added that DBN also delivered capacity building programs for MSMEs across the six geopolitical zones of the federation.
Okpanachi, assured shareholders that the Bank was on the right trajectory and focused its strategy on driving sustainable economic growth. In his remark, Chairman of the Bank, Dr Shehu Yahaya, commended the federal government for its commitment and efforts as well as the selfless health workers for their dedication towards tackling the deadly COVID 19 pandemic.