The Development Bank of Nigeria (DBN) has demonstrated its commitment to empowering Micro, Small, and Medium-scale Enterprises (MSMEs) and fostering job creation across Nigeria. According to the recently released cumulative “Social Impact Report” for the year ending 2023, DBN disbursed over N787 billion to more than 495,000 MSMEs, resulting in the creation of 1.2 million jobs over the past six years.
The report highlights a significant increase in disbursement, from N631 billion in 2022 to N787 billion in 2023, representing a 24.7 percent increase. The number of MSMEs impacted also grew from 313,000 to 495,000 in the same period.
Notably, 72 percent of the beneficiaries were women, and 24 percent were youth, underscoring DBN’s role in supporting entrepreneurship and recognizing the importance of women-led businesses in driving economic development.
In addition to financial support, DBN trained over 3,500 MSMEs in various areas such as business planning, accounting, marketing, and sustainability. This holistic approach aims to equip entrepreneurs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market.
Dr. Tony Okpanachi, the Managing Director/CEO of DBN, emphasized the bank’s commitment to driving positive change and fostering entrepreneurship for the prosperity of Nigeria. He highlighted DBN’s focus on capacity building and technical assistance, which complements its financial interventions.
Furthermore, Dr. Okpanachi noted the bank’s partnerships with notable entrepreneurship-oriented organizations, such as LBS, Google, and GIZ, among others. These partnerships aim to support MSMEs in unlocking their full potential as catalysts for inclusive growth and prosperity.
Regarding financial performance, DBN recorded gross earnings of N52.4 billion and a profit before tax (PBT) of N35.3 billion for the year ended December 31st, 2023. Dr. Okpanachi attributed this impressive performance to the improved support from development partners and other stakeholders committed to alleviating financing constraints faced by MSMEs and small corporations in Nigeria.
