Development Bank of Nigeria Disburses N1trn to MSMEs
The Development Bank of Nigeria (DBN) has said that it disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country and created more than 1.2 million jobs.
The managing director of the bank, Dr Tony Okpanachi, disclosed this in an interview with the news agency on the sidelines of the African Development Bank (AfDB) Annual Meetings in Abidjan.
Okpanachi described DBN’s progress as a major milestone in its mission to enhance access to finance for Nigeria’s small businesses. “We are proud to report that at the end of 2024, DBN had disbursed over N1 trillion to MSMEs through our partner financial institutions.
“The support has helped to stimulate economic activity and improve livelihoods, especially at the grassroots. In terms of job creation, we have been able to support over 1.2 million jobs directly and indirectly,” he said.
Okpanachi attributed the bank’s impact to its wholesale lending model, which channeled funds to commercial banks and microfinance institutions that then on-lend to small businesses.
He, however, acknowledged that, while progress had been made, the financing gap in the MSME sector remained significant.
“The need is massive and we are not resting on our oars.
“There is still much more to be done to close the access gap and expand our reach,” he said. The DBN chief emphasised the importance of building on the momentum through policy reforms, increased collaboration with development partners, and innovative financing instruments.
He also praised outgoing AfDB President, Dr Akinwumi Adesina, for his decade-long leadership at the bank, noting that his achievements had laid the groundwork for future growth.
“Under Adesina, AfDB has nearly tripled its capital base and disbursed more in ten years than it did in its first 50 years. That is no small feat,” Okpanachi said. He called for continuity in leadership and vision to sustain the gains made and drive Africa’s development agenda forward. #Development Bank of Nigeria Disburses N1trn to MSMEs CBN Cuts Rate on Mid Tenor Bills at Open Market Operations
