Development bank disburses N1.4tn to MSMEs, supports 1.6 million jobs
The Development Bank of Nigeria has disbursed N1.4tn to Micro, Small and Medium Enterprises, supporting the creation of about 1.6 million jobs nationwide. Read More: https://punchng.com/development-bank-disburses-n1-4tn-to-msmes-supports-1-6-million-jobs/
The Development Bank of Nigeria (DBN) has disbursed a total of N1.4tn to Micro, Small and Medium Enterprises (MSMEs) across Nigeria, creating approximately 1.6 million jobs by December 2025. The bank has unveiled a new five-year strategy aiming to extend support to over two million MSMEs, with special focus on women-led businesses, young entrepreneurs and states that are underserved.
Disclosed during the bank's seventh Annual Lecture, the initiative is set to improve access to credit for small businesses by channeling funds through 84 Participating Financial Institutions. DBN's Managing Director and CEO, Dr Tony Okpanachi, highlighted that MSMEs constitute nearly half of Nigeria's Gross Domestic Product and employ more than 80% of the workforce, underlining the importance of their performance for the success of economic reforms.
The bank's Action for Women in Nigeria, known as DAWN, is designed to tackle financing constraints faced by women-owned businesses, offering loans, credit guarantees, technical assistance, outcome-linked grants, and market access.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
