The Development Bank of Nigeria (DBN) has disbursed loans worth N149.6 billion to 105,000 micro, small, and medium-scale enterprises in 2022, according to its Annual Integrated and Statutory Report 2022.

The report also shows that the total loan disbursed increased from N482.5 billion in 2021 to N632.1 billion in 2022, with the outstanding loan rising by 15%.

DBN CEO, Tony Okpanachi, stated that the bank had disbursed over N631 billion to more than 313,000 MSMEs across the country, with a 31% growth in financing support and 50% growth in MSMEs impacted.

He also noted that 67% of the total MSME beneficiaries were women and 27% were young people, with over 250,000 jobs already created.

The bank increased the average tenor of MSME loans from 18 months to 36 months and released N5 billion to support startups in the country.

The bank's Chairman, Dr Shehu Yahaya, reaffirmed the commitment of the bank to expand funding for Nigerian MSMEs through its Participating Financial Institutions.