The Development Bank of Nigeria was established in 2017, with the aim of alleviating financing constraints faced by micro, small and medium enterprises in the country. The Managing Director of the bank, Mr. Tony Okpanachi, in this interview speaks on the achievement of the bank one year after it commenced operations. Goddy Egene provides the […]
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Wema Bank Plc said it has entered into partnerships with Development Bank of Nigeria (DBN) to improve access to cheaper funds for small businesses in Nigeria, recently. To this end, the bank said MSMEs and businesses in all segments can access up to N153 million and N610 million, respectively, from the bank. A statement by […]
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The Development Bank of Nigeria has entered into partnership with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low interest loans. The DBN said in a statement on Tuesday that the loan was part of measures aimed at addressing the financial challenges facing the MSMEs in the […]
Read More The Development Bank of Nigeria has shortlisted nine financial institutions through which its intervention fund will be disbursed to entrepreneurs in the Micro, Small and Medium Enterprises sector. They are five commercial banks, Wema Bank, Ecobank, Sterling Bank, Diamond Bank and Fidelity Bank; and four microfinance banks made up of MicroCredit, Infinity, Busack and Fortis. […]
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The European Investment Bank and the African Development Bank have agreed to support the creation of the new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country. The European Investment Bank has finalized a US $20-million equity stake in the new financing institution, alongside US $50 million equity participation […]
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The World Bank has initiated a scheme to support small and medium scale enterprises (SMEs) with grants up to ₦10 billion across the nation. Tagged: ‘Bottom up’, the project is conceived to provide grants to SME owners with marketable ideas through model microfinance banking. Development Bank of Nigeria (DBN) will oversee transfer of the grant […]
Read More The Development Bank of Nigeria, which was recently established by the Federal Government, on Monday commenced lending activities to the economy with the release of ₦5 billion to three microfinance banks. The amount is for on-lending by the microfinance banks to 20,000 entrepreneurs operating in Micro, Small and Medium Enterprises sector of the economy. The […]
Read More The newly established Development Bank of Nigeria, DBN, will not collapse like others before it, the Managing Director, Mr. Tony Okpanachi, has said. Okpanachi who spoke in Abuja, yesterday, during plenary on Access to Finance at the on-going Nigeria Economic Summit (NESG), said a time-tested and internationally proven business model has been designed by the […]
Read More Stakeholders have commended the Federal Government for licensing the Development Bank of Nigeria (DBN). Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) President, Dr. Bassey Edem said the association acknowledged the efforts of the government in finding solutions to other challenges facing Micro Small and Medium Enterprises (MSMEs), adding that the establishment […]
Read More The Micro, Small and Medium Enterprises sector of the Nigerian economy contributes about 45 per cent of the nation’s GDP, but only about 10% of operators in the sector have access to any kind of bank loan, leaving the rest to work with little capital. Those who are able to obtain bank loans do so […]
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The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved a $1.3 billion capital facility for the takeoff of the Development Bank of Nigeria (DBN). The Minister of Finance, Kemi Adeosun, who briefed State House correspondents at the end of the meeting, said the loan has repayment period of 20-21 years and […]
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The Federal Executive Council has approved a 1.3 billion dollars loan credit facility for the commencement of the Development Bank of Nigeria. The approval came on the heels of a memo submitted by the Finance Minister, Kemi Adeosun seeking council’s ratification on the loan’s request. Adeosun, who briefed State House correspondents on the outcome of […]
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