150,000 MSMEs got N400 billion – DBN MD

The Managing Director of Development Bank of Nigeria (DBN) PLC, Mr. Tony Okpanachi has disclosed that the sum of N400 billion has so far been disbursed to 150,000 Micro, Small and Medium Enterprises (MSMEs).

He said the disbursed fund has been since inception of the bank in 2017.

Okpanachi spoke during a second public annual lecture series of the Bank in Abuja on Tuesday.

He said: “Since commencing operations in 2017, we have disbursed over N400 billion in loans to over 150,000 MSMEs,” saying that women have a larger chunk of 57 percent while youth-owned business with 28 percentage created over 130,000 jobs.

“In the year 2020 alone, the sum of N190 billion was disbursed through 19 Participating Financial Institutions (PFIs); out of which N9.8 billion was disbursed 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 percent reported an increase in their sales after obtaining the loan, while 48 percent were able to increase their staff strength after receiving the facility.”

DBN, the MD said, was interested in MSMEs because of its belief in, “big things have small beginnings”.

Okpanachi disclosed that from 2017 to date, 125 MSME entreprenures were also trained, as part of the bank’s capacity-building initiative through the DBN Entrepreneurship Training Programme.

He added that the 2021 Entrepreneurship Training Programme has commenced and being fully bankrolled by DBN under the platforms of Enterprise Development Centre of the Pan Atlantic University, Google, and Wider Perspectives – a specialised capacity building agency for micro-businesses.

In his address, the President of African Export-Import Bank (Afrexim) Prof. Benedict Oramah, said that his organisation was working with various member countries to create the necessary environment for MSMEs to take advantage of the African Continental Free Trade Agreement (ACFTA).