The Development Bank of Nigeria (DBN) has achieved a remarkable milestone in its mission to enhance access to finance for the country’s small businesses. According to the bank’s Managing Director, Dr. Tony Okpanachi, DBN has disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, resulting in the creation of more than 1.2 million jobs.
This significant accomplishment was revealed by Dr. Okpanachi during an interview with the News Agency of Nigeria on the sidelines of the African Development Bank (AfDB) Annual Meetings in Abidjan. The DBN chief expressed pride in the bank’s progress, stating, “We are proud to report that at the end of 2024, DBN had disbursed over N1 trillion to MSMEs through our partner financial institutions.” He further explained that this support has helped stimulate economic activity and improve livelihoods, particularly at the grassroots level.
The wholesale lending model employed by DBN has been instrumental in achieving this impact. By channeling funds to commercial banks and microfinance institutions, which then on-lend to small businesses, the bank has been able to reach a large number of MSMEs. As a result, over 1.2 million jobs have been supported directly and indirectly.
Despite this progress, Dr. Okpanachi acknowledged that the financing gap in the MSME sector remains significant. “The need is massive, and we are not resting on our oars,” he said. “There is still much more to be done to close the access gap and expand our reach.” To address this, the DBN chief emphasized the importance of building on the momentum through policy reforms, increased collaboration with development partners, and innovative financing instruments.
Dr. Okpanachi also took the opportunity to praise outgoing AfDB President, Dr. Akinwumi Adesina, for his decade-long leadership at the bank. Under Adesina’s leadership, the AfDB has nearly tripled its capital base and disbursed more in ten years than it did in its first 50 years. Dr. Okpanachi noted that this is “no small feat” and called for continuity in leadership and vision to sustain the gains made and drive Africa’s development agenda forward.
The DBN’s achievement serves as a testament to the bank’s commitment to supporting Nigeria’s small businesses and contributing to the country’s economic growth. As the bank continues to work towards closing the financing gap in the MSME sector, its efforts are expected to have a positive impact on the lives of many Nigerians and the country’s economy as a whole.
