The Development Bank of Nigeria (DBN) has announced that it disbursed a total of N787 billion to over 495,000 micro, small, and medium-scale enterprises (MSMEs) in 2023.
This disclosure was made in the bank’s recently released cumulative ‘Social Impact Report’ for the year 2023.
According to the DBN, the aim of this effort was to enhance access to finance for small business owners across Nigeria.
Out of the 495,000 MSMEs, the bank reported that 72 percent were women, while 24 percent were youth.
This demonstrates the bank’s commitment to fostering entrepreneurship and recognizing the significant role of women-led businesses in driving economic development.
Throughout the year, the bank also provided training to over 3,500 MSMEs on various essential courses such as business planning, accounting, marketing, sustainability, and risk governance, among others.
Tony Okpanachi, the Managing Director and CEO of DBN, highlighted the institution’s impact in 2023, noting significant contributions to Nigeria’s economic growth and development.
He emphasized DBN’s commitment to driving positive change and supporting entrepreneurship for the nation’s prosperity.
Okpanachi noted that DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with skills to enhance their operational efficiency and competitiveness in the market.
“Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors,” Okpanachi said.
“As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.
“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 said the bank established partnerships with prominent entrepreneurship-oriented organizations such as Lagos Business School, Google, and Frankfurt School of Finance and Management, among others.
“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.
Regarding the financial performance for the year ended December 31, 2023, DBN recorded gross earnings of N52.4 billion and a profit-before-tax (PBT) of N35.3 billion.
Okpanachi attributed this success to the increased support from partners and stakeholders committed to alleviating financing constraints faced by MSMEs in Nigeria.