The Development Bank of Nigeria (DBN) has announced that it has disbursed about N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country.
The Managing Director of DBN, Dr. Tony Okpanachi, disclosed this on Thursday during the sixth annual lecture of the organisation held in Abuja.
“At DBN, we are proud to be playing our part. By the end of December 2024, DBN had disbursed a cumulative sum of over N1.1 trillion to MSMEs across the country, working through 79 Participating Financial Institutions to on-lend to over 700,000 businesses,” Okpanachi said.
He stressed that the achievement was more than just numbers, explaining that it represented “jobs sustained, dreams realised, and enterprises positioned for growth.”
Okpanachi pointed out that MSMEs had faced challenges in recent years due to policy shifts and limited access to finance, which affected their growth and sustainability. However, he described the current period as a “new dawn and a rekindled hope,” noting that the inauguration of the National Council on MSMEs by the Federal Government was a key step towards supporting small businesses.
The Council, according to him, is responsible for policy formulation, fostering public-private partnerships, and promoting inter-agency collaboration. “We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he added.
He also highlighted the relevance of the bank’s annual lecture, saying it provided a platform for policymakers, entrepreneurs, financiers, and thought leaders to explore strategies for unlocking the potential of Nigerian MSMEs. This year’s lecture focused on the theme, “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment.”
Expressing confidence in the resilience of small businesses, Okpanachi said: “Nigerian MSMEs, with their resilient, creative, and adaptive DNA, can rise stronger, provided we equip them with the right tools, access to finance, knowledge, and enabling policies. The destiny of Nigeria’s economy is intertwined with the success of its small businesses. When they thrive, we all thrive.”
In a goodwill message, Vice President Kashim Shettima assured that the administration would continue to support MSMEs in order to help them grow. Represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, the Vice President stated that reforms such as the removal of fuel subsidy and the unification of the foreign exchange market were necessary steps that had created transparency, encouraged foreign investment, and restored confidence in Nigeria’s economy.
“The administration inaugurated the National Council on MSMEs to harmonise government policies and foster partnerships to ease access to finance and expand opportunities for small businesses,” Shettima noted.
He urged stakeholders to work together to align government policy, private sector innovation, and development finance towards building a Nigeria “where small businesses flourish, industries expand, and prosperity is widely shared.”