The Development Bank of Nigeria Plc has created 3,192 jobs in the financial year ended December 2019 with the disbursement of N100 billion to over 100,000 Micro, Small and Medium Enterprises (MSMEs).
The Managing Director, Tony Okpanachi, disclosed this at the DBN’s first virtual 3rd Annual General Meeting which held in Abuja in compliance with Federal Government and National Centre for Disease Control (NCDC) social distancing guidelines.
While giving a scorecard on the bank’s activities and contribution to the Nigerian economy, he said the bank through its Participating Financial Institutions (PFIs) has facilitated increase in MSME revenue, as well as assets.
He explained that DBN has focused on engendering gender equality in its loan distribution and empowered youths with 52% of the total loan disbursed to these segments in 2019.
“Through our 27 Participating Financial Institutions, over N100BN was disbursed last year, impacting cumulatively over 100,000 MSMEs. So far, 3,192 jobs have been created leading to an increase of 10% in MSMEs revenue and 6.8% increase in value of their land assets. Also, 52% of loans disbursed in 2019 were to youths and women owned businesses. This is in our bid to promote economic empowerment and gender equality,” he explained.
The Managing Director, further stated that the DBN also delivered capacity building programs for MSMEs across the six geopolitical zones of the federation.
Mr. Okpanachi assured shareholders that the Bank was on the right trajectory and focused its strategy on driving sustainable economic growth. He informed that the Bank was currently expanding its distribution network to include other non-banking financial institutions.
He said the strategy will also cover delivery of technical assistance to PFIs and capacity building programs for MSMEs all geared towards encouraging uptake of the DBN funds by PFIs for on lending.
The Chairman of the Bank, Dr Shehu Yahaya commended the Federal Government for its commitment and efforts to tackle the COVID 19 pandemic.
Development Bank of Nigeria Plc is a wholesale development finance institution, established by the Federal Government in collaboration with global development partners (The World Bank, AfDB, Kfw, AFD and EIB) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.