Over 300,000 MSMEs Got N631 Billion From DBN In 2022

The Development Bank of Nigeria (DBN) disbursed more than N631 billion to slightly over 313,000 MSMEs across the country, from N482 billion to more than 208,000 MSMEs at the end of the previous year.

Dr Tony Okpanachi, the Managing Director/ Chief Executive Officer, disclosed this on Tuesday at the venue of the 2023 Annual General Meeting of the Bank in Abuja.

A dividend of N3,4 billion was also approved by the shareholders which represents 25% of retained earnings (Profit After Tax and after statutory reserves transfers) in the year ended 31 December 2022 (31 December 2021: Nil).

The basis of the proposed dividend is N34.18 per share.

Speaking on the performance of the bank, he said in the last five years of DBN’s operations, the Bank has been at the forefront of development, playing a focal and catalytic role in alleviating financing constraints for Nigeria’s underserved MSMEs.

“By the end of December 2022, the Development Bank of Nigeria had disbursed more than N631 billion to slightly over 313,000 MSMEs across the country, which grew from N482 billion to more than 208,000 MSMEs at the end of the previous year.

“This implies a 31 per cent growth in financing support and 50 per cent growth in MSMEs impacted.

“Of the total MSME beneficiaries of DBN funds over the 5-year period, 67 per cent were women and 27 per cent were young people, with well more than 250,000 jobs already created.”