The Development Bank of Nigeria (DBN) has disclosed that it has disbursed over ₦1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country, a milestone that has directly and indirectly supported the creation of more than 1.2 million jobs.
This was made known by the Managing Director of DBN, Dr. Tony Okpanachi, during an exclusive interview on the sidelines of the African Development Bank (AfDB) Annual Meetings held in Abidjan, Côte d’Ivoire.
Describing the feat as a major leap in expanding financial inclusion for small businesses, Okpanachi noted that the disbursement represents DBN’s growing impact in enabling grassroots economic growth and job creation.
“We are proud to report that at the end of 2024, DBN had disbursed over ₦1 trillion to MSMEs through our partner financial institutions,” Okpanachi said. “This funding has helped stimulate economic activities and improve livelihoods, especially at the grassroots level.”
He added that the bank’s wholesale lending model—working through commercial banks, microfinance institutions, and other financial intermediaries—ensures that funds are channelled to businesses in every part of Nigeria, including hard-to-reach communities.
According to him, the disbursed funds were used for business expansion, equipment purchases, operational costs, and capacity building across sectors like agriculture, manufacturing, ICT, retail, and services.
Highlighting the bank’s core mandate, Okpanachi emphasized that DBN is focused on bridging Nigeria’s vast MSME financing gap. Despite notable achievements, he admitted that millions of MSMEs still face serious constraints in accessing affordable and long-term capital.
“The need is massive and we are not resting on our oars. There is still much more to be done to close the access gap and expand our reach,” he stated.
Dr. Okpanachi stressed the importance of sustained momentum through policy reforms, innovative financing mechanisms, and stronger collaboration with development partners, including international financial institutions.
He said that efforts are underway to deepen DBN’s footprint through strategic partnerships, digital financing tools, and capacity-building initiatives that can support women-led businesses and youth entrepreneurs—groups that often experience the highest levels of financial exclusion.
In addition to DBN’s achievements, Okpanachi used the platform to pay tribute to Dr. Akinwumi Adesina, the outgoing President of the African Development Bank. He praised Adesina’s leadership, citing the transformative impact AfDB has had on the continent under his watch.
“Under Adesina, AfDB has nearly tripled its capital base and disbursed more in ten years than it did in its first 50 years. That is no small feat,” Okpanachi remarked.
He called on the next leadership at AfDB to sustain the vision of inclusive growth and economic resilience, especially in sectors that promote youth employment, industrialisation, agriculture, infrastructure, and climate finance.
DBN’s growing reputation as a catalytic lender in Nigeria’s development finance ecosystem has earned it recognition among regional institutions, with its operational model being studied by other African nations seeking to replicate its success.
Since its inception, the bank has prioritised financial sustainability, risk management, and environmental, social, and governance (ESG) principles, positioning itself as a reliable partner for both local and global investors.
With over 200 partner financial institutions in its lending network, DBN continues to serve as a lifeline for Nigeria’s informal and formal MSME sector, which contributes about 50% to the country’s GDP and employs over 80% of the labour force, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
As the country seeks to reduce poverty, curb unemployment, and diversify its economy, access to finance remains a critical enabler—and DBN says it is determined to scale up efforts in 2025 and beyond.
