The Development Bank of Nigeria Plc disbursed a total of N400 billion to Small and Medium Enterprises (SMEs) in the country in the past four years, its Chief Executive Officer (CEO), Mr. Tony Okpanachi disclosed yesterday.
The DBN boss said, “It is at times like this that our mandate at the Development Bank of Nigeria Plc has captured in our vision which is to facilitate sustainable socio-economic development through the provision of finance to Nigerians on sound SMEs through eligible financial intermediaries.”
In his remarks, the Chairman of the Board of the DBN, Shehu Yahaya, said over the years, the bank has focused on avenues to make SMEs thrive.
He alluded to DBN’s five-year strategic plan, which includes expanding its reach, advocating for MSMEs and expanding its capacity among others, adding this has become more crucial in the face of difficulties in the country.
Also speaking, the President and Chairman, Board of Directors, African Export–Import Bank, Prof. Benedict Oramah, said the impact of the COVID-19 pandemic on SMEs called for more concentration on SME fundings.
Oramah, who represented Afreximbank’s Executive Vice President, Finance, Administration and Banking Services, Denys Denya said 62 per cent of women-led small businesses have been strongly impacted by the pandemic, while between 27 percent and 30 percent of SMEs owned by men were impacted.
He regretted that African SMEs are largely suffering from the digital gap, adding that this led to huge obstruction in the continent’s supply chain during the lockdown.