DBN lends PFIs N600b to stimulate economic growth
04 August 2023 |
2:55 am
For economic growth in the country, Development Bank of Nigeria (DBN) has lent over N600 billion to eligible financial intermediaries since inception. Besides, the Federal Government’s wholesale bank has initiated partnership with two conventional financial.....
For economic growth in the country, Development Bank of Nigeria (DBN) has lent over N600 billion to eligible financial intermediaries since inception.
Besides, the Federal Government’s wholesale bank has initiated partnership with two conventional financial institutions with non-interest window to provide medium to long-term financing for Micro, Small and Medium-sized Enterprises (MSMEs) in the North.
Managing Director/Chief Executive Officer of DBN, Dr. Tony Okpanachi, hinted at the development at a stakeholders’ conference organised by Kano Concerned Citizens Initiative, in collaboration with DBN.
Okpanachi explained the core mandates of DBN, including provision of credit facility business ventures through lending to commercial banks, Microfinance Banks (MfBs) and other financial institutions that meet the criteria.
He stressed that, apart from lending, DBN anchors capacity building for MSMEs through various initiatives, including the yearly entrepreneurship training programme, where thousands of MSMEs operators were trained on the nitty-gritty of running businesses better.
The MD worried that despite an avalanche of business opportunities at the wholesale bank, entrepreneurs and ventures had yet to take the growth of their businesses through Participating Financial Institutions (PFIs).
Chairman, Northern Chamber of Commerce, Alh. Dalhatu Abubakar, lamented that Northern businesses were battling with challenges arising from unabated inflation, foreign exchange and cost of raw materials.
According to Abubakar, the situation is worsening because businessmen could not access loans from financial institutions, owing to exorbitant interest rates and cumbersome procedures.
Responding, the DBN boss revealed that the wholesale bank revealed that adequate measures had been taken to mitigate the predicaments. He disclosed that Jaiz and Taj banks had been enlisted to provide lending opportunities to potential entrepreneurs at no interest.
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