We have disbursed over N480bn to MSMEs – DBN

The Development Bank of Nigeria (DBN) says it has disbursed N482 billion to more than 208,000 MSMEs since inception in September 2014 to end of 2021 and that it had defied the challenging environment to create a record of sustainable profitability.

Managing Director/CEO of the bank, Dr. Tony Okpanachi who disclosed this in a statement said MSMEs in Nigeria need several players to intervene in alleviating their constraints amid domestic and global challenges.

He noted that the challenges within the MSME space are quite substantial, especially as it relates to accessing finance, the Bank said it has taken proactive measures to address them.

The Bank noted that latest data from the National Bureau of Statistics put the total asset of MSMEs in 2020 at N8.41 trillion, while their total number was 39,654,385. Of this figure, over 34 million enterprises are informal. “What’s then your thought on having these huge number of MSMEs still operate as informal businesses?”

It noted that the government has done considerable work in promoting the importance of MSMEs however, more needs to be done for obvious reasons.

“MSMEs formal or informal are already having a tough time staying afloat. Some of the most pressing problems they face include obtaining finance, irregular power supply, infrastructure deficit, multiple taxations, rent, cost of capital, and so on.