The Development Bank of Nigeria (DBN) has recently confirm its provision of N631 billion to help as financing support to Primary Financial Institutions (PFIs) since its inception.
Today over 313,000 MSMEs have benefited from the support, which has led to the creation of more than 900,000 jobs to a commendable extent.
It was also noted that DBN been a brand that supports small businesses in the agriculture, manufacturing, trade and commerce, hospitality and tourism, education, health, and technology sectors, Others since inception.
This Dr Tony Okpanachi, Managing Director, of the Development Bank of Nigeria (DBN) disclosed in Lagos during his presentation of the process and achievements of the bank in the past five years especially in its operation as a wholesale development finance institution, that the bank as of December 2022 has provided N631 billion as financing support to the Primary Financial Institutions (PFIs).
He however noted that, the bank has provided long-term finance to over 60 Primary Financial Institutions (PFIs) since its inception while the women empowerment and gender equality, which he said that women-owned MSMEs accounted for 69% of all businesses financed by the end of the 2022 financial year.
He went further to affirm that, the bank will continue to catalyse growth across key and various sectors, changing the dynamics of development in the country.
Hear him, “The trade and commerce sector in Nigeria, for instance, accounts for the highest number of micro-businesses and informal enterprises within the country. “
“According to the International Monetary Fund (IMF), more than 80% of the entire population of Nigeria, which is more than 160 million Nigerians, depends on the informal economy.
“This means that the trade and commerce sector is the hope of daily survival and livelihood for most Nigerian families and entrepreneurs,” he said.
He also noted that the management of DBN recognised this critical need and thereby channelled N230 billion to support small businesses in the trade and commerce sector over the past five years, leading up to December 2022.
Okpanachi said that the manufacturing sector contributed between 12% to 17% to the national economy over the past three to five years and it remained one of the highest labour-intensive sectors.
The managing director also said that apart from agriculture, financing support was extended to various other sectors, recognizing their importance in the overall development and prosperity of the Nigerian economy.
According to him, those other sectors are Hospitality and Tourism, education, Health, and Technology with N13 billion, N12 billion, N11.5 billion, and N11 billion respectively.
To this end, Okpanachi disclosed that the bank plans to raise additional funds through the issuance of bonds, saying the process has reached an advanced stage and will come up soon.
Hear him, “As we celebrate these achievements, we remain resolute in our commitment to even greater heights. While acknowledging the hurdles that lie ahead, we embrace them as gateways to transformation, innovation, and a greater sphere of influence.
“We will continue to leverage our strengths, build viable partnerships, and explore new opportunities for impact, ensuring that the Development Bank of Nigeria remains a catalyst for sustainable development.”
(Nairametrics)