Nigeria: DBN partners NSIA to set up $2.5mln youth entrepreneurship investment bank
Institutional shareholder of Development Bank of Nigeria (DBN) has given approval to the bank's Board of Directors to invest $2.5 million in equity into the Youth Entrepreneurship Investment Bank billed to start next year.
Managing Director/Chief Executive Officer Mr. Tony Okpanachi disclosed this on Wednesday to journalists at the bank's 8th Annual General Meeting (AGM) and presentation of the 2024 financial report to shareholders in Abuja.
Youth Entrepreneurship Investment Bank is a DBN initiative, in collaboration with African Development Bank (AfDB) and Nigerian Sovereign Investment Authority (NSIA).
Fielding questions from newsmen, Okpanachi said, 'The youth entrepreneurship investment bank is an initiative we're working with the African Development Bank and with NSIA to set up that youth entrepreneurship Investment Bank, which is going to provide assets to equity investment in the youth-owned businesses. And working with the African Development Bank, who is going to provide additional funding to that, we're going to provide that platform to invest in youth owned businesses and encourage entrepreneurship in Nigeria.
'NSIA is taking equity lead. For now, it's going to be DBN and NSIA; we are going to commence operations. The plan is to also bring other strategic partners, and this includes other international organizations who would want to join. So, we're going to catalyze more capital from other institutions globally. I can assure you that we're just going to kick start it. But a lot of interest across different global organizations wants to invest in it to ensure that they provide that platform to provide investment in youth owned businesses.
'Let me put on record that this is not the typical bank you hear about. It's not a bank, it's an investment vehicle. So it is just going to be an investment vehicle that is focused on youth.'
Highlights of DBN's financial statement show that in 2024, it disbursed a total sum of N1.06 trillion to Participating Financial Institutions (PFIs), showing a 35 percent increase from the cumulative disbursement recorded in 2023.
Also, DBN's loan disbursement stood at N273.13 billion in 2024, marking an impressive 75 percent growth compared to N155.7 billion disbursed in 2023.
The DBN provided funding to 711,819 end-borrowers, reflecting a 44 percent increase from 494,819 end-borrowers in 2023.
Other major highlights include a N49 billion disbursed to more than 69,182 MSMEs in economically disadvantaged regions such as Borno, Adamawa, Katsina, Yobe, Zamfara, etc
In addition, the Bank disbursed 20-25 percentage of private sector loans to MSMEs over the last 5 years with 25% of beneficiaries women while training 9,500 MSMEs trained across the country. In the year under review, through its various interventions, 1.2m jobs were created nationwide.
Okpanachi said the loan disbursement has helped to support 711,819 MSMEs across various sectors and regions in the country.
'This milestone represents a 35% increase in total disbursement value and a 44% growth in the number of MSMEs impacted compared to the previous year underscoring DBN's unwavering commitment to driving financial inclusion and sustainable economic growth.
'In alignment with the Federal Government of Nigeria's priority sectors, DBN provided over 15 billion in loans to the manufacturing sector, benefiting more than 3,000 individuals. Similarly, in the agricultural sector, we disbursed over 18 billion to agribusinesses, reaching over 1,500 individuals. Additionally, DBN remains at the forefront of supporting green initiatives, with over 26 billion in loans dedicated to MSMEs engaged in climate-friendly and Co emission reduction businesses.
'At Development Bank of Nigeria (DBN), we remained steadfast in our commitment to empowering MSMEs, a critical pillar of Nigeria's economy. A landmark achievement in 2024 was DBN's successful accreditation by the Green Climate Fund (GCF), making it the first Development Finance Institution (DFI) in Nigeria to attain this status. This accreditation is not just a recognition; it is a testament to DBN's unwavering commitment to sustainable financing and climate resilience,' the Managing Director explained.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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