At the 2023 Annual General Meeting (AGM) in Abuja, Dr. Tony Okpanachi, Managing Director/Chief Executive of Development Bank of Nigeria (DBN) Plc, revealed that the bank has disbursed N786 billion in loans to 494,819 Micro, Small, and Medium Enterprises (MSMEs) since 2017.
This remarkable achievement represents a 24% growth in support to the economy compared to the previous year, with a notable 100% loan repayment ratio, boasting zero non-performing loans.
Furthermore, shareholders approved a N3.5 billion dividend, translating to N32.70 kobo per share, reflecting the bank’s financial stability and consistent growth. Notably, N187 billion was allocated to 356,451 women-owned businesses, while N81 billion supported 120,326 youth-owned businesses, creating over 1.5 million jobs.
In line with the federal government’s priority sectors, DBN allocated N74 billion to the manufacturing sector, benefiting 3,696 end borrowers, and channeled N38 billion into agriculture, reaching 8,163 beneficiaries.
Dr. Okpanachi emphasized sustainability, highlighting the bank’s commitment to environmentally responsible investments, with the green portfolio increasing substantially to N6 billion in 2023.
Looking ahead, DBN aims to scale up operations to create more jobs and continue its lending practices that ensure loan repayment, maintaining zero non-performing loans. This success underscores DBN’s pivotal role in driving economic growth and empowering MSMEs in Nigeria.
