The Development Bank of Nigeria (DBN) has announced that it has provided N112 billion in loans to 11,859 businesses operating in the manufacturing and agricultural sectors of the economy.
According to the bank’s Managing Director, Tony Okpanachi, the loans were disbursed to support the growth of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria. The manufacturing sector received N74 billion, benefiting 3,696 end-borrowers, while the agricultural sector received N38 billion, reaching 8,163 end-borrowers.
Okpanachi commended the bank’s partnering financial institutions (PFIs) for their contributions to facilitating access to financing for MSMEs. He noted that the bank’s strategic investments in key sectors underscore its commitment to driving economic growth and development.
The DBN has also unveiled its next strategic chapter, aimed at achieving significant growth and scale. Okpanachi expressed optimism about the future, stating that the bank is confident that it can build on its successes and create a more conducive environment for MSMEs to thrive.
The bank’s Chief Operating Officer, Bonaventure Okhaimo, disclosed that DBN achieved a remarkable milestone in its total loan disbursements in 2023, with a 73% increase over the previous year. He commended the PFIs for their significant partnership in making this possible.
First Bank of Nigeria and Sterling Bank were recognized as platinum winners for their outstanding performance in 2023, achieving a minimum 45% year-on-year growth on key parameters.
