DBN disburses N1.1 Trillion to boost Nigerian MSMEs across the country – Reports

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The Development Bank of Nigeria (DBN) has announced that it has disbursed a total of N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country.

Speaking at the bank’s sixth annual lecture in Abuja on Thursday, DBN’s Managing Director, Dr. Tony Okpanachi, highlighted the scale of the bank’s interventions. He said: “At DBN, we are proud to be playing our part. By the end of December 2024, DBN had disbursed a cumulative sum of over N1.1 trillion to MSMEs across the country, working through 79 Participating Financial Institutions to on-lend to over 700,000 businesses.”

He added that the results went beyond statistics. “These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth.”

Okpanachi acknowledged that MSMEs had faced setbacks due to “historic policy shifts and limited access to finance” but described the current economic climate as a “new dawn and a rekindled hope”. He pointed to recent government actions, such as the inauguration of the National Council on MSMEs, which is charged with shaping policies, strengthening partnerships, and driving inter-agency collaboration.

“We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he said. He further described the annual lecture as an avenue for policymakers, entrepreneurs, financiers, and thought leaders to chart new strategies for unlocking the potential of Nigerian small businesses.

Expressing confidence in the resilience of MSMEs, Okpanachi stated, “Nigerian MSMEs, with their resilient, creative, and adaptive DNA, can rise stronger, provided we equip them with the right tools, access to finance, knowledge, and enabling policies. The destiny of Nigeria’s economy is intertwined with the success of its small businesses. When they thrive, we all thrive.”

Delivering a goodwill message at the event, Vice President Kashim Shettima reaffirmed the government’s commitment to supporting small businesses. Represented by his special adviser on economic matters, Dr. Tope Fasua, the vice president said, “The administration inaugurated the National Council on MSMEs to harmonise government policies and foster partnerships to ease access to finance and expand opportunities for small businesses.”

He also explained that the removal of the fuel subsidy and the unification of the foreign exchange market were vital steps. “These reforms have created greater transparency, encouraged foreign investment, and restored confidence in Nigeria’s economy as a destination of choice,” he noted.

Calling for collaboration, Shettima urged stakeholders to maximise current opportunities, saying, “We must align government policy, private sector innovation, and development finance towards building a Nigeria where small businesses flourish, industries expand, and prosperity is widely shared.”

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