N787bn was disbursed to MSMEs in 2023, says DBN

The Development Bank of Nigeria (DBN) says N787 billion has been disbursed to more than 495,000 micro, small, and medium-scale enterprises (MSMEs) in 2023.

The bank disclosed this in its recently released cumulative ‘Social Impact Report’ for 2023.

The DBN said the effort was aimed at improving access to finance for small business owners across the country.

Out of the 495,000 MSMEs, the bank said 72 percent were women, while 24 percent were youth.

This, the lender said, is to solidify its role in fostering entrepreneurship and recognising the importance of women-led businesses in driving economic development.

The bank said in the past year, more than 3,500 MSMEs were trained on a wide range of courses such as essentials of a business plan, accounting, book-keeping, marketing and branding, business sustainability, and environmental and social risk governance, among others.

Commenting on the institution’s impact in 2023, Tony Okpanachi, managing director and chief executive officer (CEO) of DBN, said the year marked another significant milestone as the firm continues to make meaningful contributions to the growth and development of Nigeria’s economy.

“Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors,” Okpanachi said.

“As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.

“One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market.

“This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.”

Okpanachi also said the bank established several partnerships with notable entrepreneurship-oriented organisations such as Lagos Business School (LBS), Google, Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Frankfurt School of Finance and Management (FSFM), Global Alliance for Improved Nutrition (GAIN), and others.

“As Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, DBN remains committed to supporting MSMEs to unlock their full potential as catalysts for inclusive growth and prosperity, through continued collaboration with stakeholders and strategic partners,” he said.

On the company’s financials for the year ended December 31, 2023, Okpanachi said the wholesale development institution recorded gross earnings of N52.4 billion and a profit-before-tax (PBT) of N35.3 billion.

He also attributed the company’s performance to the improved support it received from partners and other critical stakeholders who are committed to the vision of alleviating financing constraints faced by the MSMEs and small corporations in Nigeria.