DBN to disburse N150bn loan to 120,000 MSMEs in 2023

The Development Bank of Nigeria (DBN) says it plans to disburse N150 billion to micro, small, and medium enterprises (MSMEs) across the country in 2023.

Joseph Nnanna, chief economist at DBN, spoke with NAN in Abuja on Monday.

Nnanna said the disbursement would be done through participating financial institutions for onward lending to MSMEs across various sectors of the economy.

He added that the aim is to enlist 120, 000 MSMEs in 2023.

In April, the bank said it disbursed about N631 billion to over 313,000 MSMEs across the country.

“I think we are on track to get there so we have a target to disburse around N150 billion this year and so far we are making some good progress but the year isn’t over yet and the state of the economy is a bit influx,” Nnanna said.

“A lot of Nigerians are challenged, a lot of businesses are challenged, the interest rate is increasing and as a result we know that these business owners will need some able room to breathe.”
Peoplesmind