DBN disburses N1.1trn to 700,000 businesses

ABUJA – The Development Bank of Nigeria (DBN) has disbursed about N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country.

The Managing Director of the bank, Dr. Tony Okpanachi, disclosed this on Thursday at the sixth annual lecture of the organisation 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 said.

“These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth.”

Okpanachi noted that MSMEs have in recent years been challenged by historic policy shifts and limited access to finance, which hampered their growth and sustainability. He, however, described the current period as a “new dawn and a rekindled hope,” citing several government initiatives, including the inauguration of the National Council on MSMEs, which is tasked with policy formulation, fostering public-private partnerships, and promoting inter-agency collaboration.

“We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he added.

The DBN boss also described the annual lecture as a platform for policymakers, entrepreneurs, financiers, and thought leaders to explore 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 optimism about the resilience of small businesses, Okpanachi said: “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 said the current administration would continue to provide strong support for MSMEs to enable them to thrive.

Represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, the Vice President said the removal of fuel subsidy and the unification of the foreign exchange market were necessary reforms that had created greater transparency, encouraged foreign investment, and restored confidence in Nigeria’s economy as a destination of choice.

“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 noted.

He urged stakeholders to seize the moment to align government policy, private sector innovation, and development finance towards building a Nigeria “where small businesses flourish, industries expand, and prosperity is widely shared.”