DBN Supports 69,000 MSMEs in Economically Disadvantaged States

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The Development Bank of Nigeria (DBN) has announced that it has disbursed over N1 trillion to micro, small, and medium enterprises (MSMEs) through 79 participating financial institutions across the country. According to Tony Okpanachi, managing director of DBN, the bank’s support has reached more than 69,000 MSMEs operating in economically disadvantaged states such as Borno, Yobe, Katsina, Zamfara, and Adamawa.

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The bank reported that 74% of its beneficiaries were women, while 25% were youths. In terms of human capacity development, DBN has trained over 9,500 MSMEs across Nigeria. Okpanachi stated, “The bank’s Technical Assistance Programme has supported 20 participating financial institutions to improve their ability to lend to MSMEs, with over 711,000 MSME beneficiaries recorded. More than 1.2 million jobs have been created through our various interventions since inception.

DBN has received top recognitions, including an “AAA” rating by Agusto & Co. and GCR, as well as accolades such as the Global SME Finance Awards and the World Bank’s Best Project in Nigeria. The bank has also secured Green Climate Fund accreditation and emerged first in the Transparency and Integrity Index in 2022 and 2023.

Looking ahead, DBN plans to grow outstanding loans to N1 trillion, catalyse two million jobs, support two million MSMEs, and increase green financing loans to N75 billion-N100 billion over the next five years. Okpanachi highlighted the bank’s mission to drive sustainable socio-economic development by improving access to finance for Nigeria’s underserved MSMEs

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