COP28: DBN wins AGFUND PTI award of $400,000 for green financing in Nigeria

The Development Bank of Nigeria (DBN), a wholesale Development Finance Institution focused on alleviating financing constraints faced by MSMEs and small corporates in Nigeria, has won the 2022 Arab Gulf Program for Development (AGFUND) Prince Talal International Prize for Human Development, for its work on SDG8 “Decent Work and Economic Growth”.

The bank emerged winner of the first category having competed with over 100 projects within the same category, carting away the grand prize of US$ 400,000.

Applicants for this award demonstrated how their operations and activities have promoted decent work and enabled economic growth within their community, which aligns with the Sustainable Development Goal (SDG) Goal 8 that all 191 UN Member States have agreed to achieve by year 2030.

Speaking at the award ceremony on the sideline of the just concluded COP28 in Dubai, the Managing Director/CEO of DBN, Dr. Tony Okpanachi attributed the award to the Bank’s unwavering commitment to the global drive on green and sustainability.

“At DBN, we are excited about this grant, because it aligns with the agenda and aspirations of the Bank to become the primary development finance institution promoting growth through MSME finance and accelerating sustainable socio-economic development in technology, agriculture, health, education and job creation in Nigeria.” He said.

“I also want to use this medium to appreciate the organizers of the AGFUND’s Prince Talal International Prize and our international partners for considering us worthy of this prize. The funds will go a long way to fill identified financing gaps in the MSME segment and develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.

On Green Financing in Nigeria, Dr Okpanachi maintains that Nigeria requires about $122 billion from now till 2030, to develop the green sector and attain the Sustainable Development Goals. He said, “there’s been a significant effort in raising the required finance and gestures like this will help bridge the funding gap needed to achieve sustainable investment in Nigeria and DBN is at the forefront in driving this investment.”