The Development Bank of Nigeria (DBN) has disbursed N786 billion in loans to 494,819 Micro, Small, and Medium Enterprises (MSMEs) nationwide, resulting in the creation of 1.2 million jobs.
Mr. Tony Okpanachi, the Managing Director/Chief Executive of DBN, made this announcement during the bank’s fifth annual lecture in Abuja, themed “Empowering Nigerian MSMEs in a challenging global landscape.” He detailed that N78 billion was allocated to the manufacturing sector, benefiting 3,696 end-borrowers, while N38 billion was directed to the agricultural sector, aiding 8,163 end-borrowers.
Okpanachi emphasized that these disbursements align with the Federal Government’s priority sectors. He stated, “These strategic investments underscore our drive to grow sectors vital to the nation’s economic development.”
He acknowledged the challenges faced by MSMEs but assured that the government is taking steps to address these issues through various initiatives aimed at creating a more enabling environment. He urged collaboration in implementing innovative strategies to empower MSMEs and unlock their full potential, suggesting measures such as loan guarantee schemes, funding for startups, targeted tax breaks, and investment in essential infrastructure.