The Development Bank of Nigeria said it has provided N112bn loan 11,859 businesses operating in the manufacturing and agricultural sectors of the economy.
The DBN Managing Director, Tony Okpanachi gave this figure at its 4th DBN Annual Service Ambassadors Award ceremony, where he commended partnering banks for their contributions to facilitating access to financing to Micro, Small and medium-scale enterprises in Nigeria.
According to him, the priority sectors include the manufacturing sector, which received N74bn, benefitting 3,696 end-borrowers; and N38bn to agriculture, reaching 8,163 end-borrowers, among others.
Okpanachi said these strategic investments underscored the bank’s drive to grow sectors that were vital to the nation’s economic development while also commending the PFIs for their remarkable support to DBN in delivering on its mandate of enabling MSMEs to increase access to financing and ensuring sustainable growth of the sector.
The DBN boss noted that having completed its initial five-year strategy with impactful outcomes, the bank has equally unveiled its next strategic chapter, characterised by significant growth and an ambitious intent to achieve scale.
“This strategic vision reflects our commitment to elevating our impact and expanding our reach in the coming years,’’ he added.
Okpanachi said further: “So, as we celebrate your achievements today, let us also look forward to the future with renewed optimism. We are confident that by continuing to work together, we can build on our successes and create an even more conducive environment for MSMEs to thrive.’’
DBN’s Chief Operating Officer, Bonaventure Okhaimo, disclosed that DBN achieved a remarkable milestone in its total loan disbursements in 2023 by a 73 per cent increase over year 2022 figure while commending the PFIs for their significant partnership in making this possible.
“Consequently, the Bank experienced significant growth in its impact indicators as follows: 81 per cent growth in the total number of MSME end-beneficiaries reached; 80 per cent growth in disbursement to women, and 60 per cent growth in disbursement to youth,’’ he added.
The COO specifically applauded First Bank of Nigeria and Sterling Bank for their outstanding performance in 2023 having achieved a minimum 45 per cent year-on-year growth on key parameters, thereby earning recognition as platinum winners for the year.