The Development Bank of Nigeria (DBN) has provided more than N1 trillion in loans to over one million micro, small and medium-sized businesses (MSMEs) across Nigeria since it started operations in 2017.
DBN Managing Director, Dr. Tony Okpanachi, revealed this during a media briefing in Lagos on Wednesday. He said the bank’s support has helped create more than 1.6 million jobs nationwide.
The bank was established to help small businesses overcome challenges in getting access to finance. It provides long-term loans, credit guarantees and training through commercial banks, microfinance banks and other financial institutions.
Future Plans
Okpanachi said DBN plans to increase its impact over the next five years. The bank aims to:
Build an outstanding loan portfolio of N1 trillion.
Issue N500 billion in credit guarantees.
Support more than two million MSMEs.
Help create two million direct and indirect jobs.
Raise N1.3 trillion in debt and equity funding to
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