African Development Bank Injects $450m to DBN for on-lending to MSMEs


The African Development Bank, ADB, has injected $450 million to the Development Bank of Nigeria, DBN, for on-lending to Micro Small and Medium Enterprises, MSME. The Vice President of ADB, Pierre Guislain disclosed this at a media briefing hosted by the DBN in Abuja.

Guislain who visited the management of DBN, rated the take-off by the bank as excellent and said ADB was impressed with the move to ensure development of MSMEs in the country, which would reduce unemployment and grow the economy.

He said, “The start has been excellent, we are looking forward to accelerated processes that require for all of us to make sure we tighten all loose end. We are very happy to see that DBN has started lending and operations. “

We think that it is a critical move here in Nigeria to support micro, small and medium enterprises in effective manner. They would not be lending directly to these companies. They are a kind of wholesale to provider of funds.

“As an institution, we are happy to be partners and are particularly pleased to see progress in recent months. It takes a bit of time to get going but we are off to a very strong start.

Managing Director and Chief Executive Officer, DBN, Mr. Tony Okpanachi, said that the bank commenced lending about three weeks ago the bank, and three financial institutions including LAPO, Fortis and MPF have accessed the loan facility. We have reached advanced stages of discussions with several other financial institutions including commercial banks to set them on board.”


Also read:  Some Psychological Tricks Supermarkets Use To Increase Their Sales

Culled from Vanguard

Enjoyed What You Read? Then Don't Miss the Next Post! STAY UP-TO-DATE

Join 29,972 SMEs & still counting, who are first to receive regular updates on latest News & Articles to Grow their Business.

We hate spam with passion! Your email address will not be shared with anyone else.

- Sponsored -


Please enter your comment!
Please enter your name here