The incorporation and CBN’s licensed of the Development Bank of Nigeria (DBN) brought delight to the general public after seen the objectives of the Bank.
Today it was disclosed that the Development Bank of Nigeria will be supporting and financing not less than a total of 20,000 (Twenty Thousand) Micro, Small and Medium Enterprises (MSMEs) in Nigeria within the first year of its operations.
At the public briefing, Mr. Tony Okpanachi, Managing Director of the Development Bank of Nigeria and Minister of Finance, Mrs. Kemi Adeosun, unveiled some of the management team that will pilot the affairs of the Bank.
While addressing the participants, the Minister of Finance, Mrs. Kemi Adeosun firmly said that the operations of the Development Bank of Nigeria would be devoid of political interference.
Mr. Tony Okpanachi disclosed that the Development Bank of Nigeria would be kick start its corporate social responsibility (CSR) AND business operations with a total of $1.3 billion, adding that this would be used to provide wholesale long-term financial support to Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
That the Bank long-term support fund would be provided to microfinance development Banks for on-lending to Micro, Small and Medium Enterprises (MSMEs), that the long-term fund would enable the MSMEs sector create jobs and contribute significantly to Nation’s economic growth.
That the pathways and strategies of the Development Bank of Nigeria is to de-risk the sector by making sure that loans are provided at a longer period of ten years with a moratorium that would enable the loan to be repaid within twelve years.
Loans would be release at a competitive rate adding that this would be used to promote the development of the MSMEs sector.
Mr. Tony Okpanachi, Managing Director of the Development Bank of Nigeria further elaborate that “Development Bank of Nigeria is a new dawn for MSMEs because we will provide small businesses with funds and this will create the need impact on the economy.
“We will create a sustainable finding model and also ensure financial inclusion through access to funding.
“We are also looking at more female participation and about 20,000 SMEs will be funded in the first year of our operation.”
Some of the participants expressed their enjoy over the benefits and opportunities the Development Bank of Nigeria offers to the youths and that the effect of the support fund for the MSMEs will have double positive effects on the Nation’s economic and transformation.