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DBN disburses N150bn to MSMEs in 3 years

The Development Bank of Nigeria (DBN) has disbursed over N150 billion since it commenced operations in 2017, the Federal Government has disclosed. The disbursement was…

The Development Bank of Nigeria (DBN) has disbursed over N150 billion since it commenced operations in 2017, the Federal Government has disclosed.

The disbursement was done through 27 participating financial institutions, for onward lending to MSMEs across the various sectors of the Nigerian economy, a post on FG’s official Twitter page said on Thursday.

According to the post, DBN loans had impacted close to 100,000 MSMEs through the process, while 52% of loans by the bank in 2019 were targeted at youth and women-owned businesses.

The tweet read: “DYK 52% of loans disbursed by DBN in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”

DBN was established by the federal government in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

It carries out this function by providing financial institutions, predominantly deposit-money and microfinance banks, with funding facilities designed to meet the needs of MSMEs.

The bank has also been leading the initiative on capacity building for SMEs to equip them with required skills to improve their competence in developing and defending a viable business plan, improve their capacity to access funding, as well as efficient utilisation of the funds.