The Development Bank of Nigeria (DBN) has announced a significant milestone, disbursing over N787 billion to more than 495,000 Micro, Small, and Medium Enterprises (MSMEs) since its inception in 2017. This achievement is a testament to the bank’s commitment to supporting the growth and development of small businesses in Nigeria.
According to the recently released cumulative “Social Impact Report” for 2023, the DBN has demonstrated its dedication to inclusivity and empowerment, with 72% of the beneficiaries being women and 24% youth. This focus on supporting women and youth-led businesses has contributed significantly to the bank’s impact on the economy.
In addition to disbursing loans, the DBN has played a pivotal role in job creation, generating over 1.2 million jobs through its support to MSMEs. The bank has also provided training to more than 3,500 MSMEs in various areas such as business planning, accounting, and marketing, further equipping entrepreneurs with the necessary skills for success.
The DBN’s financial performance in 2023 is also noteworthy, with gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion. This demonstrates the bank’s commitment to profitability and financial sustainability.
The success of the DBN can be attributed to its strategic partnerships with renowned entrepreneurship-oriented organizations such as LBS, Google, GIZ, FSFM, and GAIN, among others. These collaborations have enabled the bank to leverage expertise and resources in providing tailored solutions to MSMEs, driving sustainable development and economic resilience in Nigeria.
Looking ahead, the DBN remains committed to supporting MSMEs and small corporations in Nigeria, unlocking their full potential and promoting inclusive growth. As Dr. Tony Okpanachi, the Managing Director of DBN, emphasized, “As Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, DBN remains committed to unlocking the full potential of MSMEs.”