As part of efforts aimed at improving access to finance for small business owners across the country, Development Bank of Nigeria (DBN) said it has disbursed more than N787 billion to over 495,000 micro, small, and medium-scale enterprises (MSMEs) in the year 2023.
The bank in its recently released cumulative ‘Social Impact Report’ for the year ending 2023, noted that out of the disbursed N787 billion, 72 per cent of the beneficiaries were women, while 24 per cent of the beneficiaries were youth, solidifying its role in fostering entrepreneurship and recognizing the importance of women-led businesses in driving economic development.
The report also revealed that in the past year, more than 3,500 MSMEs were trained in a wide range of courses such as essentials of a business plan, accounting, book-keeping, marketing and branding, business sustainability, environmental and social risk governance among others.
Reflecting on DBN’s impact in 2023, the Managing Director/CEO, Dr Tony Okpanachi, highlighted that it has been another significant year for the bank. He emphasized that DBN continues to make meaningful contributions to the growth and development of Nigeria’s economy.
He added that looking ahead, the bank remained committed to driving positive change and fostering entrepreneurship for the prosperity of the 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,” he said.
He said as Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, the bank remains committed to supporting MSMEs to unlock their full potential as catalysts of inclusive growth and prosperity, through continued collaboration with stakeholders and strategic partners.
Speaking on the company’s financials for the year ending December 31st, he disclosed that the wholesale development institution recorded gross earnings of N52.4 billion and a profit before tax (PBT) of N35.3 billion.
He attributed the impressive performance to the improved support it received from its development partners and other critical stakeholders who are committed to its vision of alleviating financing constraints faced by MSMEs and small corporations in Nigeria.
