According to Tony Okpanachi, the Managing Director/Chief Executive Officer of Development Bank of Nigeria (DBN) Plc, the bank has provided a significant amount of financial support to micro, small, and medium enterprises (MSMEs) in Nigeria. Over the course of five years until December 2023, DBN has facilitated the disbursement of N631 billion to participating financial institutions. This support has had a positive impact on the MSME sector, benefiting more than 313,000 businesses and contributing to the creation of over 900,000 jobs.
He mentioned that this achievement brings hope and prosperity to numerous individuals and families across the nation.
According to his statement, the achievements of the bank extend beyond the MSMEs as it plays a role in driving growth across different sectors and transforming the development landscape of our nation.
One notable sector is the trade and commerce industry in Nigeria, which is home to a significant number of micro-businesses and informal enterprises nationwide.
Citing a report from the International Monetary Fund, he highlighted that the informal economy supports a substantial portion of the Nigerian population. With over 160 million Nigerians, representing more than 80 percent of the total population, rely on the informal economy for their livelihoods.
He emphasized that the Trade and Commerce sector holds immense significance as it serves as the primary means of survival and livelihood for many Nigerian families and entrepreneurs.
To address this crucial need, he revealed that DBN has allocated over N230 billion in funding to support small businesses operating within the Trade and Commerce sector in the past five years, leading up to December 2022.
Additionally, acknowledging the vital role of agriculture in the country’s economy, he highlighted that DBN has also committed substantial funding to agro-based MSMEs. As of December 2022, the bank has already provided N27 billion to support such ventures.
This financial support has played a pivotal role in bolstering agricultural activities, empowering farmers, and fostering agro-entrepreneurship. Through DBN’s assistance, agro-MSMEs have been able to improve their operations, adopt modern farming techniques, acquire essential machinery and equipment, expand their production capacity, and explore new market opportunities.
Regarding technology development, he mentioned that the bank has dedicated N11 billion to the technology sector with the aim of supporting businesses engaged in technology and innovation initiatives. The allocated funding seeks to promote enhanced efficiency, productivity, and broader market access for Nigerian enterprises.
