THE Development Bank of Nigeria (DBN) has disclosed that the year 2022 marked a significant milestone as it celebrated five years of creating impact within the Nigerian Micro, Small and Medium Scale Enterprises (MSME) ecosystem.
Addressing newsmen in Lagos on Thursday, Dr Tony Okpanachi, Managing Director/CEO Development Bank of Nigeria Plc, said it had been a remarkable experience filled with much learning and resilience, amidst the diverse headwinds that sought to inhibit the bank’s progress in its nascent space of wholesale development finance.
According to him, in line with DBN’s commitment, the bank had provided financing support to participating financial institutions to the tune of N631 billion as of December 2022.
Over 313,000 MSMEs have benefited from this support, leading to the creation of more than 900,000 jobs.
These numbers, according to Okpanachi, signify hope and prosperity for countless individuals and families across the nation.
He said DBN is keen on leveraging the potential of strength of MSME to facilitate growth in crucial sectors such as agriculture, education, health, manufacturing and tackle challenges like energy poverty and struggling tourism sectors.
“As such, more than N230 billion have been channelled to support small businesses in the trade and commerce sector over the past five years leading up to December 2022.
“DBN also understands that the manufacturing sector will also, to a great extent, play a vital role in Nigeria’s industrialisation journey. As a result, the bank has supported MSME players in the manufacturing sector with more than N69 billion in financing,” Okpanachi stated.
Supporting small businesses in the agriculture sector is crucial for improving food security in Nigeria. The DBN recognises the significance of agriculture in the country’s economy and has allocated substantial funding to agro-MSMEs.
As of December 2022, the bank says it has provided N27 billion to agro-MSMEs. This funding has played a vital role in supporting agricultural activities, empowering farmers and promoting agro-entrepreneurship.
The financial support provided by DBN has helped agro-MSMEs to enhance their operations, invest in modern farming techniques, acquire machinery and equipment, expand their production capacity and access new markets, he explained.
According to the CEO, DBN has extended its financing support beyond just agriculture to various other sectors, recognising their importance in the overall development and prosperity of the Nigerian economy.
He added that the compelling vision for Nigeria’s short- to medium-term future is to harness the potential of MSMEs to support green transitions and combat climate change.
Okpanachi said this underpin “our mandate and drive to continue supporting MSMEs with development financing, with the hope that our efforts will result in enviable growth and development that other parts of the world can learn from.”
Recognising the underserved status of women within the Nigerian MSME sector, DBN says it has prioritised their support. Okpanachi explained further, “Women-owned MSMEs accounted for 69 percent of all businesses we financed by the end of the 2022 financial year, underscoring our dedication to gender equality and women’s empowerment.
“This commitment has garnered recognition, including an honorable mention at the 2022 Global SME Finance Awards as a leading financier of women entrepreneurs.
“We will continue to leverage our strengths, build viable partnerships and explore new opportunities for impact, ensuring that the Development Bank of Nigeria remains a catalyst for sustainable development.”
Okpanachi used the opportunity to appreciate the Board of Directors, shareholders, the Central Bank of Nigeria, and the entire DBN team for their unwavering support, resilience and dedication.
“Together, we have achieved these significant milestones and together we will continue to foster sustainable growth and drive the nation’s economic development trajectory to unprecedented heights,” he emphasised.
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