The Development Bank of Nigeria (DBN) has disclosed that it provided N631 billion as financing support to Primary Financial Institutions (PFIs) in the country over the past five years ended December 2022.
The Managing Director of the development finance institution, Dr. Tony Okpanachi, who made this disclosure in Lagos while presenting the progress and achievements of the bank in the past five years, especially in its operation as a wholesale development finance institution, said that long-term finance was provided by the bank to over 60 PFIs since its inception.
According to him, in the past five years over 313,000 Micro Small and Medium Enterprises (MSMEs) have benefited from the funding support and more than 900,000 jobs created through the intervention.
Okpanachi explained that during the period under review, women-owned MSMEs accounted for 69% of all businesses supported with funds by the bank and that the interventions had facilitated growth across the various sectors it intervened.
He said: “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”, the DBN boss added.
He further clarified that while the bank had supported small businesses in the trade and commerce sector over the past five years with over N230 billion, the MSMEs in the manufacturing sector had benefitted by more than N69 billion during the period.
Okpanachi explained that apart from manufacturing and agriculture sectors, financing support was extended to various other sectors, including Hospitality and Tourism, Education, Health, and Technology with N13 billion, N12 billion, N11.5 billion, and N11 billion respectively.
The banker hinted that the bank planned to raise additional funds through the issuance of bonds, adding that the process has reached an advanced stage and will come up soon.
He elaborated: “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”, the banker added.
