Wisdom Engraced
Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us
The Development Bank of Nigeria (DBN) has disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) nationwide, creating over 1.2 million jobs. DBN Managing Director, Dr. Tony Okpanachi, revealed this during an interview with the News Agency of Nigeria (NAN) at the African Development Bank (AfDB) Annual Meetings in Abidjan.
For further information, read more details here
“We are proud to report that at the end of 2024, DBN had disbursed over N1 trillion to MSMEs through our partner financial institutions,” Okpanachi said. The funding has stimulated economic activities and improved livelihoods, particularly at the grassroots level.
The DBN operates a wholesale lending model, providing funds to commercial banks and microfinance institutions, which then lend to small businesses. Okpanachi noted, “We have been able to support over 1.2 million jobs directly and indirectly
Despite progress, Okpanachi acknowledged a significant financing gap persists in the MSME sector. He emphasized the need to maintain momentum through policy reforms, increased collaboration with development partners, and innovative financing methods.
Okpanachi also commended outgoing AfDB President Dr. Akinwumi Adesina, saying, “Under Adesina, AfDB has nearly tripled it’s capital base and disbursed more in ten years than it did in its first 50 years. That is no small feat.” He called for continued leadership and vision to sustain progress and advance Africa’s development goals.
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post
