The Development Bank of Nigeria (DBN) has announced a remarkable disbursement of N700 billion over the past seven years. The revelation came from Mr. Tony Okpanachi, the Managing Director of DBN, during a commemoration event for International Women’s Day at the bustling Wuye Ultra Modern Market in Abuja over the weekend.
Under the theme “Celebrating the Amazons in the Market Place: Inspire Inclusion,” the occasion highlighted the vital role women play in the economy and business landscape. Representing Mr. Okpanachi, the Executive Director of Finance and Corporate Services, Mrs. Ijeoma Ozulumba, shared insights into DBN’s efforts to empower women entrepreneurs.
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Mrs. Ozulumba revealed that approximately 60 percent of the total disbursement from DBN went to women-led ventures, showcasing a commitment to fostering gender equality in access to financial resources. She emphasized the positive outcomes of these investments, citing reports from Participation Financial Institutions (PFIs) indicating the lowest non-performing loans (NPLs) in the industry stemming from disbursements to women.
According to Mrs. Ozulumba, “So far from the intervention that we’ve seen, our banks have reported to us that our portfolio has the lowest non-performing loans, there’s a good recovery in the loans, and the women’s portfolio is even lower in terms of default.”
The disclosure underscores DBN’s dedication to supporting SMEs, particularly those led by women, in their quest for growth and sustainability. As the institution continues its efforts to drive economic development and promote inclusivity, the impact of its initiatives on Nigeria’s entrepreneurial landscape remains significant and promising.
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