Development Bank of Nigeria

Development Bank of Nigeria has disbursed N482bn to MSMEs.

 

 

Newsonline reports that the Development Bank of Nigeria Plc said it has disbursed a total of N482bn to Micro, Small, and Medium Scale Enterprises in Nigeria since its inception.

 

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It said that 65 per cent of this amount, representing N313.3bn was disbursed to women and youth-owned businesses.

 

While presenting the summary of the financial statement for the year ended 31 December 2021, to the shareholders, the DBN Managing Director, Mr. Tony Okpanachi said that the fundamentals of the bank’s financials are robust.

 

He stated that the total gross earnings closed at N38.18bn, while Profit Before Tax was N22.76bn representing, an increase of 25 percent from the previous year.

 

Total assets, according to him, also increased by 1.4 per cent from N492.3bn in 2020 to N499.2bn in 2021.

 

Okpanachi, attributed the bank’s financial performance to “its robust corporate governance framework, business model as well as its top-notch enterprise risk.”

 

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According to him, “We continued to focus and deliver on our mandate of providing access to finance through our PFIs to Nigeria’s most critical, but underserved Micro, Small, and Medium Scale Enterprises building their capacity and that of the PFIs in addition to the provision of partial credit guarantee to encourage lending to this very important sub-sector of the economy.

 

“Our cumulative disbursement of N482bn especially to women-owned or managed businesses; is something that we are particularly delighted about from the perspective of women empowerment and poverty alleviation.”

 

Okpanachi expressed his gratitude to the bank’s shareholders, development partners, PFIs, Board of Directors, and employees for their continued support with a promise to continue to remain focused on the bank’s mandate.

 

He said the bank will also sustain efforts toward achieving sustainable financing and capacity building for the MSMEs.