The Development Bank of Nigeria (DBN) has announced that it disbursed over N787 billion to more than 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs) in 2023. This initiative aims to enhance access to finance for small business owners nationwide.
According to DBN’s recently released cumulative “Social Impact Report” for the year ending 2023, 72 percent of the beneficiaries were women, while 24 percent were youth.
This underscores the bank’s commitment to fostering entrepreneurship and recognizing the pivotal role of women-led businesses in driving economic development.
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The report also highlights that over the past year, DBN trained more than 3,500 MSMEs in various essential courses such as Business Plan Essentials, Accounting, Marketing, and Branding, among others.
Tony Okpanachi, Managing Director/CEO of DBN, commented on the bank’s impact in 2023, stating, “The year 2023 has been a significant milestone for DBN as we continue to contribute meaningfully to Nigeria’s economic growth and development.
Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors.”
Okpanachi further emphasized DBN’s commitment to driving positive change and fostering entrepreneurship for the nation’s prosperity. He highlighted the bank’s partnerships with notable entrepreneurship-oriented organizations such as LBS, Google, GIZ, FSFM, and GAIN, reaffirming DBN’s dedication to supporting MSMEs and promoting economic resilience.
Regarding the company’s financial performance for the year ended December 31, 2023, Okpanachi noted that DBN recorded Gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion.
He attributed this impressive performance to enhanced support from development partners and stakeholders aligned with DBN’s vision of alleviating financing constraints for MSMEs and small corporations in Nigeria.
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