The Development Bank of Nigeria (DBN) has announced that it has disbursed over N787 billion to more than 495,000 Micro, Small, and Medium Enterprises (MSMEs) since its inception (2017) to 2023.
According to the recently released cumulative “Social Impact Report” for the year ended 2023, the DBN highlighted its dedication to supporting women and youth-led businesses, with 72 percent of the beneficiaries being women and 24 percent youth.
The DBN disbursement
Dr. Tony Okpanachi, the Managing Director of DBN, reiterated the bank’s focus on inclusivity and empowerment, stating, “This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.“
- In addition to disbursing loans, the DBN has also played a pivotal role in job creation, generating over 1.2 million jobs through its support to MSMEs.
- Moreover, the bank has provided training to more than 3,500 MSMEs in various areas such as business planning, accounting, and marketing, further equipping entrepreneurs with the necessary skills for success.
Dr. Okpanachi emphasized the importance of profitability for financial sustainability, highlighting the bank’s financial performance in 2023.
- The DBN recorded gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion.
- The success of the DBN can be attributed to its strategic partnerships with renowned entrepreneurship-oriented organizations such as LBS, Google, GIZ, FSFM, and GAIN, among others.
- These collaborations have enabled the bank to leverage expertise and resources in providing tailored solutions to MSMEs, thereby driving sustainable development and economic resilience in Nigeria.
Looking ahead, Dr. Okpanachi reaffirmed the DBN’s commitment to supporting MSMEs and small corporations in Nigeria, stating, “As Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, DBN remains committed to unlocking the full potential of MSMEs.”
He expressed gratitude to the bank’s development partners and stakeholders for their unwavering support, emphasizing their shared vision of alleviating financing constraints and promoting inclusive growth in the country.
What you should know
The Development Bank of Nigeria (DBN) was established in 2017 as a wholesale development finance institution aimed at providing sustainable financing through eligible financial intermediaries to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
- Its creation was in response to the need for a specialized institution to address the persistent challenge of limited access to finance faced by MSMEs, which constitute a significant portion of Nigeria’s economy.
- DBN operates as a partnership between the Federal Government of Nigeria, represented by the Federal Ministry of Finance Incorporated, the World Bank, the African Development Bank, and the European Investment Bank.
- This collaboration ensures that the bank has access to a diverse range of expertise and resources, enabling it to effectively support the growth and development of MSMEs across various sectors of the economy.
- Since its inception, DBN has been instrumental in providing tailored financial solutions to MSMEs, with a particular focus on women and youth-led businesses.
- Through its network of partner financial institutions, DBN offers long-term financing, technical assistance, and capacity building initiatives to empower entrepreneurs and unlock their full potential.
