In a significant boost to the Nigerian economy, the Development Bank of Nigeria PLC (DBN) has announced the disbursement of a total of N786 billion in loans to 494,819 Micro, Small, and Medium Enterprises (MSMEs) across the country. This initiative has resulted in the creation of 1.2 million jobs, showcasing the vital role that MSMEs play in driving economic growth and development.
During the Bank’s fifth annual lecture in Abuja, the Managing Director/Chief Executive of DBN, Mr. Tony Okpanachi, revealed that a substantial portion of the loans, amounting to N78 billion, was allocated to the manufacturing sector. This funding has benefitted 3,696 end-borrowers, supporting the growth and expansion of manufacturing businesses in Nigeria. Additionally, N38 billion was disbursed to the agricultural sector, reaching 8,163 end-borrowers and contributing to the development of the agricultural industry.
Okpanachi emphasized that these strategic investments align with the priority sectors outlined by the Federal Government, demonstrating DBN’s commitment to driving sustainable growth and economic development in Nigeria. He acknowledged the challenges faced by MSMEs in the country but highlighted the government’s efforts to address these issues through various initiatives aimed at creating a more enabling environment for MSMEs to thrive.
The Managing Director also stressed the importance of collaboration between the government, financial institutions, and other stakeholders in supporting MSMEs and unlocking their full potential. He called for continued support and investment in MSMEs to ensure their sustainability and contribution to the economy.
Looking ahead, Okpanachi expressed optimism about the future of MSMEs in Nigeria and urged all stakeholders to work together towards empowering and enabling the growth of MSMEs. He emphasized DBN’s unwavering commitment to supporting MSMEs and driving economic growth in the country, highlighting the crucial role that MSMEs play in building a resilient and prosperous economy for all Nigerians.
