Nigerians Get N49 Billion as Bank Distributes Funding for Businesses, Others

• The Development Bank of Nigeria (DBN) has disbursed over N49 billion to disadvantaged regions, supporting more than 711,000 MSMEs and contributing to over 1.2 million jobs created in 2024
• The bank emphasised inclusivity, with 74% of beneficiaries being women-led businesses and 25% youth-led, while also providing training to over 9,500 MSMEs last year as part of its capacity-building efforts
• DBN's new five-year strategy targets reaching two million MSMEs, expanding green financing to N100 billion, and issuing over N500 billion in credit guarantees to further deepen financial inclusion and stimulate nationwide economic growth

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Development Bank of Nigeria (DBN) has reported that it released over N49 billion to disadvantaged regions across the country, helping to finance more than 711,819 micro, small, and medium enterprises (MSMEs), with total funding now exceeding N1 trillion.

It stated that this was part of broader initiatives to promote inclusive economic growth and expand financial inclusion.

Speaking to journalists in Lagos, DBN's Managing Director, Dr Tony Okpanachi, outlined the bank's five-year plan to broaden its developmental influence across Nigeria’s underprivileged areas.

He noted that DBN’s financing initiatives have centred on inclusivity, with a specific emphasis on economically disadvantaged regions and marginalised populations.

“We are proud to report that out of the total MSMEs supported, about 74 per cent were women-owned businesses, while youth-led businesses accounted for 25 per cent of total beneficiaries,” he said.

He stated that the bank remains committed to making a significant impact, particularly in underserved and rural areas.

“Approximately N49 billion was disbursed to over 69,000 MSMEs located in regions such as Borno, Adamawa, Katsina, Yobe, and Zamfara. These areas, often considered economically challenged, are now witnessing some of the benefits of DBN’s inclusive approach to development finance,” he added.

The DBN boss emphasised the impact of the bank’s interventions, noting that it helped create approximately 1.2 million jobs in 2024, both directly and indirectly.

He added that job creation remains a key metric of the bank’s developmental impact.

DBN currently collaborates with 79 Participating Financial Institutions (PFIs), including merchant banks, deposit money banks, microfinance banks, and other financial intermediaries. Of these, 20 PFIs received technical assistance from the bank as part of its capacity-building programme aimed at enhancing MSME-focused lending.

Furthermore, Okpanachi revealed that in 2024 alone, more than 9,500 MSMEs received training, boosting the capacity of Nigerian business owners.

“This forms part of our advisory and technical assistance pillar, ensuring that MSMEs are not only financially supported but also equipped to thrive,” he said.

He further noted that while the bank has supported nearly 800,000 MSMEs cumulatively, the goal is to reach at least two million over the next five years.

The new strategic plan aims for DBN to attract an additional N1.3 trillion in debt and equity capital, with the objective of maintaining a loan book of N1 trillion in outstanding credit.

The bank’s credit guarantee arm is also being significantly expanded, targeting over N500 billion in guarantees through its subsidiary.

Okpanachi also reaffirmed DBN’s commitment to enhancing gender and youth inclusivity.

FG moves to disburse $350 million cabotage fund

Legit.ng reported that the Nigerian government has concluded plans to disburse the Cabotage Vessel Financing Fund (CVFF) kept with the Central Bank of Nigeria (CBN) to drive the country’s economy, create employment and boost Nigeria’s place as a key maritime destination in Africa.

The minister of Finance, Wale Edun, reiterated President Bola Tinubu’s commitment to disbursing the fund.

NIMASA’s head of public relations, Osagie Edward, said the disbursement was the focus of discussions between the agency’s director general, Dayo Mobereola and the finance minister.

Source: Legit.ng