In 2018 – which was its first full year of operation –, the Development Bank of Nigeria (DBN) disbursed N31 billion to Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
Mr Tony Okpanachi, the Managing Director of the Development Bank of Nigeria disclosed this at the on-going Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, USA.
According to Okpanachi, DBN has changed the way MSMEs in the country are funded with its innovative lending and focus on long-term loans to that sector of the economy.
Okpanachi, with regards to the achievements of DBN and its plans for the future, said that his team is working assiduously to achieve a disbursement level of about N100 billion at the end of this year.
He maintained that by the time the bank marks its fifth year of active lending operations in 2023, this figure could be as high as N389 billion.
Okpanachi added that the target for 2019 was to raise the number of Partnering Finance Institutions (PFIs) to 30. He maintained that the number of PFIs had increased from the two they had when the DBN started its operations in 2017, to twenty-two at the end of 2018.
“Financial sustainability has been our key focus from the first day, with steady profits in the last two years and a robust projection for 2019 and beyond,” Okpanachi said.
Okpanachi told the investors and stakeholders that the bank had taken risk management seriously in its frameworks and policies.
Furthermore, he iterated that the bank had recorded zero Non-Performing Loans (NPL) so far.