DBN Boosts MSMEs with N787bn Disbursement, Fostering 1.2 Million Jobs in 6 Years

The Development Bank of Nigeria (DBN) has made significant strides in improving access to finance for small business owners and boosting job creation across the country.
In the past six years, DBN has disbursed over N787 billion to more than 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs), leading to the creation of 1.2 million jobs.
In its recently released “Social Impact Report” for the year ending 2023, DBN reported a 24.7% increase in its disbursement, from N631 billion in 2022 to N787 billion in 2023.
The number of MSMEs impacted also grew, from 313,000 to 495,000 in the year under review.
The report also highlighted that 72% of the beneficiaries were women, and 24% were youth, demonstrating DBN’s commitment to fostering entrepreneurship and recognizing the importance of women-led businesses in driving economic development.
In addition, DBN trained more than 3,500 MSMEs in various courses, including Essentials of a Business Plan, Accounting, Book-keeping, Marketing and Branding, Business Sustainability, and Environmental and Social Risk Governance.
Dr. Tony Okpanachi, Managing Director/CEO of DBN, emphasized the bank’s commitment to driving positive change and fostering entrepreneurship for the prosperity of the nation.
DBN’s approach goes beyond financial support, focusing on capacity building and technical assistance to equip MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market.
DBN has established partnerships with notable organizations such as the Lagos Business School (LBS), Google, the German Society for International Cooperation (GIZ), the Financial Sector Deepening Africa (FSDA), and the Global Alliance for Improved Nutrition (GAIN) to support MSMEs in unlocking their full potential as catalysts for inclusive growth and prosperity.
The bank’s financials for the year ended December 31st, 2023, reported a Gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion.
Dr. Okpanachi attributed the impressive performance to the improved support received from its development partners and other critical stakeholders committed to alleviating financing constraints faced by MSMEs and small Corporations in Nigeria.
As Nigeria strives towards sustainable development and economic resilience, DBN remains dedicated to supporting MSMEs in their journey towards unlocking their full potential, through continued collaboration with stakeholders and strategic partners.
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