DBN empowers more than 495,000 entrepreneurs with N787 billion in 2023

In a significant stride towards economic empowerment, the Development Bank of Nigeria (DBN) revealed that it disbursed a staggering N787 billion to more than 495,000 micro, small, and medium-scale enterprises (MSMEs) throughout 2023.

This revelation comes from the bank’s latest ‘Social Impact Report,’ underscoring its commitment to bolstering access to finance for small business owners nationwide.

Of the vast beneficiary pool, DBN highlighted that 72 percent were women and 24 percent were youth, emphasizing its dedication to fostering entrepreneurship, particularly among underrepresented demographics.

Managing Director and CEO, Tony Okpanachi, hailed 2023 as a milestone year, citing the institution’s unwavering dedication to driving growth and development within Nigeria’s economy.

Beyond financial support, DBN’s impact extended to capacity building, with over 3,500 MSMEs benefitting from comprehensive training programs covering crucial topics like business planning, accounting, marketing, and sustainability.

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This holistic approach aims not only to address financial needs but also to equip entrepreneurs with the skills needed to thrive in competitive markets.

Moreover, DBN’s strategic partnerships with esteemed organizations such as Lagos Business School, Google, and Frankfurt School of Finance and Management underscore its commitment to nurturing entrepreneurship and driving inclusive economic growth.

Okpanachi affirmed DBN’s resolve to continue supporting MSMEs in unlocking their full potential as engines of prosperity, aligning with Nigeria’s vision for sustainable development.

Reflecting on the institution’s financial performance, Okpanachi noted gross earnings of N52.4 billion and a profit-before-tax (PBT) of N35.3 billion for the fiscal year ending December 31, 2023.

He attributed this success to enhanced support from partners and stakeholders, reaffirming DBN’s pivotal role in alleviating financing constraints for MSMEs and small corporations across Nigeria.