By Murtala Adewale, Kano 04 August 2023 | 2:55 am For economic growth in the country, Development Bank of Nigeria (DBN) has lent over N600 billion to eligible financial intermediaries since inception. Besides, the Federal Government’s wholesale bank has initiated partnership with two conventional financial….. Development Bank of Nigeria For economic growth in the country, Development Bank of Nigeria (DBN) has lent over N600 billion to eligible financial intermediaries since inception. Besides, the Federal Government’s wholesale bank has initiated partnership with two conventional financial institutions with non-interest window to provide medium to long-term financing for Micro, Small and Medium-sized Enterprises (MSMEs) in the North. Managing Director/Chief Executive Officer of DBN, Dr. Tony Okpanachi, hinted at the development at a stakeholders’ conference organised by Kano Concerned Citizens Initiative, in collaboration with DBN. Okpanachi explained the core mandates of DBN, including provision of credit facility business ventures through lending to commercial banks, Microfinance Banks (MfBs) and other financial institutions that meet the criteria. He stressed that, apart from lending, DBN anchors capacity building for MSMEs through various initiatives, including the yearly entrepreneurship training programme, where thousands of MSMEs operators were trained on the nitty-gritty of running businesses better. The MD worried that despite an avalanche of business opportunities at the wholesale bank, entrepreneurs and ventures had yet to take the growth of their businesses through Participating Financial Institutions (PFIs). Chairman, Northern Chamber of Commerce, Alh. Dalhatu Abubakar, lamented that Northern businesses were battling with challenges arising from unabated inflation, foreign exchange and cost of raw materials. According to Abubakar, the situation is worsening because businessmen could not access loans from financial institutions, owing to exorbitant interest rates and cumbersome procedures. Responding, the DBN boss revealed that the wholesale bank revealed that adequate measures had been taken to mitigate the predicaments. He disclosed that Jaiz and Taj banks had been enlisted to provide lending opportunities to potential entrepreneurs at no interest. 5 mins ago For economic growth in the country, Development Bank of Nigeria (DBN) has lent over N600 billion to eligible financial intermediaries since inception. Besides, the Federal Government’s wholesale bank has initiated partnership with two conventional financial….. 6 mins ago Taraba State House of Assembly has commenced the process of enacting laws that will enable the state to generate, transmit and distribute electricity for its citizens. 34 mins ago Suspected gunmen have killed a district head, while four persons sustained injuries in a midnight attack at Zamtung, a border community between Plateau and Taraba states. 58 mins ago Professor of Ophthalmology at the College of Health Sciences, University of Ilorin (UNILORIN) and Director of Computer Services and Information Technology (COMSIT), Dupe Ademola-Popoola, has been appointed as an international trustee-at-large of the American Academy of Ophthalmology….. 59 mins ago National Pension Commission (PenCom) has created a new department to address complaints by retirees, particularly in the area of data capturing. There had been growing cases of complaints by retirees seeking to assess pension benefits…
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