Managing Director, Development Bank of Nigeria (DBN), Mr. Tony Okpanachi disclosed that the bank has disbursed N400 billion to over 150, 000 Micro, Small and Medium Enterprises (MSMEs) since the bank commenced operations in 2017.
At the second Annual Lecture series on Tuesday, Okpanachi said 57% of those loan beneficiaries were promoted by women while 28% were youth-owned businesses jointly creating over 130,000 jobs.
“In the year 2020 alone, the sum of N190 billion was disbursed through 19 PFIs; out of which N9.8 billion were 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% reported an increase in their sales after obtaining the loan, while 48% were able to increase their staff strength after receiving the facility.”
At the virtual lecture, the DBN boss also disclosed that 125 MSMEs operators were trained as part of the bank’s capacity-building initiative through the DBN Entrepreneurship Training Programme.
According to him, DBN became interested in MSMEs because it believes that “big things have small beginnings.”
He cited a statistics from International Council for Small Businesses (ICSB) that formal and informal MSMEs make up over 90% of all businesses, employing over 70% of the workforce and contributing to over 50% of GDP.
Also speaking, the Chairman of DBN, Dr. Shehu Yahaya, said that the theme of this year’s lecture, “Resilient Innovation: MSMEs’ Adaptability in Uncertain Times” spoke directly to the bank’s commitment, as a financial institution, towards providing a conducive environment for MSMEs in Nigeria to thrive.
He said the Covid-19 pandemic, which has further complicated an already challenging micro and macro-economic environment, has impacted businesses adversely across all segments.
President of African Export-Import Bank (Afrexim), Prof. Benedict Oramah who was represented by Mr. Denys Denya, stated that the pan African entity was working with member countries to create environment for MSMEs to take advantage of the African Continental Free Trade Agreement (ACFTA).
Accordingly, he said that the free movement of goods across borders of regional members would enhance opportunities for operators in the sub-sector to expand their market reach.
Oramah explained that MSMEs were “pillars upon which diversified economies could be built,” as well as, “the cornerstone for building resilient economies.”
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