By Milcah Tanimu
The Development Bank of Nigeria (DBN) has made significant strides in fostering entrepreneurship and economic development in Nigeria, as evidenced by its latest social impact report for the year 2023. Since its inception, DBN has disbursed over N787 billion to more than 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs), underscoring its commitment to improving access to finance for small business owners nationwide.
Of the disbursed funds, 72 percent went to women-led businesses, while 24 percent benefited youth entrepreneurs. This emphasis on supporting women and youth highlights DBN’s recognition of their crucial role in driving economic growth and development.
In addition to financial support, DBN has prioritized capacity building, providing training to over 3,500 MSMEs in various areas such as business planning, accounting, marketing, and sustainability. By equipping entrepreneurs with essential skills and knowledge, DBN aims to enhance their operational efficiency and competitiveness in the market.
Tony Okpanachi, Managing Director/CEO of DBN, emphasized the institution’s commitment to driving positive change and fostering entrepreneurship. He highlighted DBN’s strategic partnerships with organizations like LBS, Google, and GIZ, aimed at further empowering MSMEs and promoting inclusive economic growth.
Looking at the 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 31, 2023. Okpanachi attributed this impressive performance to the support received from development partners and stakeholders aligned with DBN’s vision of alleviating financing constraints for MSMEs and small corporations in Nigeria.
Overall, DBN’s efforts underscore its pivotal role in driving economic resilience and sustainable development in Nigeria, contributing to job creation, empowerment, and inclusive growth across various sectors.
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