DBN DISBURSES N1.1TRN TO 700,000 BUSINESSES
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The Development Bank of Nigeria (DBN) has allocated approximately N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) throughout the nation.
The Managing Director of the bank, Dr. Tony Okpanachi, revealed this information on Thursday during the sixth annual lecture of the organization in Abuja.
“At DBN, we are proud to be playing our part. By the end of December 2024, DBN had disbursed a cumulative sum of over N1.1 trillion to MSMEs across the country, working through 79 Participating Financial Institutions to on-lend to over 700,000 businesses,” he stated.
“These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth.”
Okpanachi acknowledged that MSMEs have faced significant obstacles in recent years, including historic policy changes and limited access to financing, which have hindered their growth and sustainability. However, he characterized the present era as a “new dawn and a revitalized hope,” referencing various government initiatives, such as the establishment of the National Council on MSMEs, which is charged with policy development, fostering public-private partnerships, and enhancing inter-agency cooperation.
“We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he further stated.
The DBN leader also portrayed the annual lecture as a forum for policymakers, entrepreneurs, financiers, and thought leaders to examine strategies for unlocking the potential of Nigerian MSMEs.
The theme of this year’s lecture was “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment. ”
Expressing confidence in the resilience of small businesses, Okpanachi commented: “Nigerian MSMEs, with their resilient, creative, and adaptive DNA, can rise stronger, provided we equip them with the right tools, access to finance, knowledge, and enabling policies. The destiny of Nigeria’s economy is intertwined with the success of its small businesses. When they thrive, we all thrive.”
In a goodwill message, Vice President Kashim Shettima affirmed that the current administration would persist in providing robust support for MSMEs to ensure their prosperity.
Represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, the Vice President mentioned that the elimination of fuel subsidies and the unification of the foreign exchange market were essential reforms that have fostered greater transparency, spurred foreign investment, and reinstated confidence in Nigeria’s economy as a premier destination.
“The administration inaugurated the National Council on MSMEs to harmonise government policies and foster partnerships to ease access to finance and expand opportunities for small businesses,” Shettima observed.
He encouraged stakeholders to capitalize on this moment to align government policies, private sector innovation, and development finance towards creating a Nigeria “where small businesses flourish, industries expand, and prosperity is widely shared.”
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