Economy: Development Bank of Nigeria disburses N787bn to over 495,000 MSMEs in 2023
… so as to facilitate the growth of SMEs and the economy, financial assistance was made available.
The Development Bank of Nigeria (DBN) said it has since inception disbursed more than N787 billion to over 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs) in the year 2023. This is as part of efforts aimed at improving access to finance for small business owners across the country.
The bank in its recently released cumulative “Social Impact Report” for the year ending 2023 noted that out of the disbursed N787 billion, 72percent of the beneficiaries were women, while 24percent of the beneficiaries were youth, solidifying DBN’s role in fostering entrepreneurship and recognizing the importance of women-led businesses in driving economic development.
The report also reveals that in the past year, more than 3,500 MSMEs were trained by the Bank in a wide range of courses such as Essentials of a Business Plan, Accounting, Book-keeping, Marketing and Branding, Business Sustainability, Environmental and Social Risk Governance among others.
Commenting on DBN’s impact in 2023, Tony Okpanachi, Managing Director/CEO, Development Bank of Nigeria said “The year 2023 has marked another significant milestone for DBN as we continue to make meaningful contributions to the growth and development of Nigeria’s economy. Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors. As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.”
According to him, “One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market. This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.”
Okpanachi also stated that the Bank established several partnerships with notable entrepreneurship-oriented organizations such as LBS, Google, GIZ, FSFM, GAIN, etc. “As Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, DBN remains committed to supporting MSMEs to unlock their full potential as catalysts for inclusive growth and prosperity, through continued collaboration with stakeholders and strategic partners,” he said.
Speaking on the company’s financials for the year ended December 31, 2023, Okpanachi noted that the wholesale development institution recorded Gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion. He attributed the impressive performance to the improved support it received from its development partners and other critical stakeholders who are committed to its vision of alleviating financing constraints faced by the Micro, Small, and Medium Enterprises (MSMEs) and small Corporations in Nigeria.
