The Development Bank of Nigeria (DBN) has announced that it has disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country, supporting the creation of more than 1.2 million jobs.
The bank’s Managing Director, Dr Tony Okpanachi, made the disclosure in an interview on the sidelines of the African Development Bank (AfDB) Annual Meetings in Abidjan.
Describing the achievement as a significant milestone, Okpanachi said the bank had remained committed to enhancing access to finance for Nigeria’s small businesses.
“As of the end of 2024, DBN had disbursed more than N1 trillion to MSMEs through our partner financial institutions,” he said. “This intervention has stimulated economic activity and improved livelihoods, particularly at the grassroots.”
According to him, the bank’s efforts had directly and indirectly supported the creation of over 1.2 million jobs across various sectors.
He attributed the success to DBN’s wholesale lending model, which channels funding through commercial and microfinance banks that then lend to MSMEs.
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However, Okpanachi acknowledged that despite the progress made, a significant financing gap still exists in the MSME sector.
“The need remains vast, and we are not relenting. Much still needs to be done to bridge the access gap and extend our reach,” he said.
He emphasised the importance of sustaining momentum through policy reforms, increased collaboration with development partners, and the adoption of innovative financial instruments.
Okpanachi also commended the outgoing President of the AfDB, Dr Akinwumi Adesina, for his transformative leadership over the past decade.
“Under Dr Adesina’s leadership, AfDB has nearly tripled its capital base and disbursed more funds in ten years than in its first fifty years. That is a remarkable achievement,” he noted.
He called for continuity in leadership and vision to build on existing gains and advance Africa’s development priorities.
