The Development Bank of Nigeria (DBN) has announced a significant milestone in its efforts to boost economic growth and development. According to the recently released cumulative ‘Social Impact Report’ for 2023, DBN disbursed a total of N787 billion to over 495,000 micro, small, and medium-scale enterprises (MSMEs) throughout the year.
This initiative is part of DBN’s ongoing commitment to enhancing access to finance for small business owners across Nigeria. Notably, 72 percent of the beneficiaries were women, underscoring the bank’s recognition of the crucial role played by women-led businesses in driving economic progress.
In addition to providing financial support, DBN also prioritized capacity building and technical assistance for MSMEs. Over 3,500 MSMEs received training in various essential areas such as business planning, accounting, marketing, and sustainability. This comprehensive approach aims to empower entrepreneurs with the skills and knowledge needed to thrive in today’s competitive market landscape.
Commenting on DBN’s impact in 2023, Tony Okpanachi, the Managing Director and CEO of DBN, highlighted the bank’s commitment to driving positive change and fostering entrepreneurship in Nigeria. He emphasized the importance of partnerships with leading organizations such as Lagos Business School, Google, and Frankfurt School of Finance and Management in achieving these goals.
Looking ahead, Okpanachi reaffirmed DBN’s dedication to supporting MSMEs and unlocking their full potential as engines of inclusive growth and prosperity. He attributed DBN’s strong financial performance in 2023, with gross earnings of N52.4 billion and a profit-before-tax (PBT) of N35.3 billion, to the unwavering support of partners and stakeholders.
As Nigeria continues to pursue sustainable development and economic resilience, DBN remains steadfast in its mission to alleviate financing constraints faced by MSMEs and small corporations. Through collaboration with stakeholders and strategic partners, DBN aims to create an enabling environment for MSMEs to thrive and contribute to Nigeria’s economic prosperity.