About 105,000 micro, small, and medium-scale enterprises borrow N149.6bn from the Development Bank of Nigeria in 2022.
This was disclosed in the Annual Integrated and Statutory Report 2022 released during the bank’s Annual General Meeting in Abuja.
It was also noted that the outstanding loan increased by 15 per cent from N321.7bn in 2021 to close at N369.4bn in 2022. “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 five-year period, 67 per cent were women and 27 per cent were young people, with well more than 250,000 jobs already created.”
The Chairman, Development Bank of Nigeria Plc, Dr Shehu Yahaya, noted that global disruptions, such as the COVID-19 pandemic, Russia-Ukraine war and tightening policy of central banks, have begun to have significant adverse effects on the Nigerian economy, especially as it pertains to the MSMEs in the country.
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