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Home Business News

Development Bank disburses N5 billion loan to SMEs

Onome Ohwovoriole by Onome Ohwovoriole
October 31, 2017
in Business News, Politics
Development Bank disburses N5 billion loan to SMEs
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The Development Bank of Nigeria (DBN) has begun operations with a N5 billion loan to Macro and Small Medium Enterprises in the country. Managing Director of the bank, Tony Okpanachi disclosed this recently in Abuja

Interest rate on the loans

Okpanachi also disclosed that the loans would be given at interest rates in line with prevailing macro economic realities, but trend lower if rates dropped.

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“rates will be bench marked against the current macroeconomic rates, so as the macroeconomic situation improves and the rates are going down, our rates too will go down unlike when we come out with fix rates irrespective of whatever the macroeconomic situation is.”

Okpanachi also disclosed that the loans would have a repayment tenure of up to 10 years and were
disbursed through three microfinance banks with a National spread: Fortis Microfinance bank, Lapo Microfinance bank and NPF Microfinance bank.

Ghosts of the past

Perhaps to allay fears that the model would go the way of previous attempts, Okpanachi said the agency had learnt from previous mistakes, and was working on being sustainable.

“In crafting DBN, lessons were learnt from the past experiences of Development Finance Institutions (DFIs) over the last 50 years. The idea behind DBN is to have an institution that will be self sustaining so that eventually, it can go to the market, both local and international to raise funds and continue its business. The issue of subsidy which is not sustainable is not part of the business model

The development bank was conceived in 2014 by the Goodluck Jonathan administration. The banks focus is lending to Medium and Small scale Enterprises (MSMEs). Funding partners for the bank include the World Bank, Kfw development bank of Germany, African Development Bank (ADB) and the French Development Agency (FDA).


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Tags: Development Bank of Nigeria
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 1

  1. Kelvin S Aloh says:
    July 2, 2018 at 3:01 pm

    How can someone benefit from the loan and the criteria.

    Reply

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