MSMEs receives N482 billion from the Nigerian Development Bank.
Since its foundation, the Development Bank of Nigeria Plc has disbursed a total of N482 billion to Micro, Small, and Medium Scale Enterprises in Nigeria.
According to the report, 65 percent of the money, or N313.3 billion, was distributed to women and youth-owned enterprises.
Mr. Tony Okpanachi, DBN Managing Director, remarked that the bank’s financial foundations are strong when delivering the summary of the financial statement for the year ended 31 December 2021 to shareholders.
He claimed that total gross earnings for the year ended at N38.18 billion, with profit before tax at N22.76 billion, marking a 25% increase over the previous year.
According to him, total assets increased by 1.4 percent from N492.3 billion in 2020 to N499.2 billion in 2021.
“Its solid corporate governance framework, business model, and top-notch enterprise risk,” Okpanachi said of the bank’s financial success.
“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, as well as providing partial credit guarantees to encourage lending to this very important sub-sector of the economy,” he said.
“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 thanked the bank’s shareholders, development partners, PFIs, Board of Directors, and employees for their continuous support, promising to stay focused on the bank’s mandate.
He also stated that the bank will continue to work toward delivering long-term financing and capacity building for SMEs.
SOURCE- THE WHISTLER
