The Development Bank of Nigeria (DBN) has disbursed N112 billion in loans to 11,859 businesses in the manufacturing and agricultural sectors. This was revealed by DBN’s Managing Director, Tony Okpanachi, during the 4th DBN Annual Service Ambassadors Award ceremony. Okpanachi praised the partnering banks for their crucial role in facilitating access to finance for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
He highlighted that the manufacturing sector received N74 billion, benefitting 3,696 end-borrowers, while N38 billion was directed to agriculture, reaching 8,163 end-borrowers. These sectors are vital to Nigeria’s economic growth, and the bank’s strategic investments reflect its commitment to fostering sustainable development.
Okpanachi also noted that DBN has successfully completed its initial five-year strategy, which yielded significant results. The bank is now set to embark on its next strategic phase, which aims for substantial growth and scale. “As we celebrate your achievements today, let us also look forward to the future with renewed optimism. We are confident that by continuing to work together, we can build on our successes and create an even more conducive environment for MSMEs to thrive,” he stated.
Bonaventure Okhaimo, DBN’s Chief Operating Officer, shared that the bank achieved a 73% increase in total loan disbursements in 2023 compared to 2022. He acknowledged the significant partnership with Participating Financial Institutions (PFIs) in achieving this milestone. The bank also saw an 81% growth in the total number of MSME beneficiaries, an 80% increase in loans disbursed to women, and a 60% rise in loans to youth.
The COO specifically lauded First Bank of Nigeria and Sterling Bank for their exceptional performance in 2023, with both institutions achieving a minimum of 45% year-on-year growth on key parameters, earning them recognition as platinum winners for the year.
