The Development Bank of Nigeria (DBN) has clinched the prestigious 2022 Arab Gulf Program for Development (AGFUND) Prince Talal International Prize for Human Development.

This win, accompanied by a grand prize of $400,000, recognises DBN’s outstanding efforts in advancing Sustainable Development Goal 8 (SDG8) – “Decent Work and Economic Growth.”

Besting over 100 projects in a competitive field, DBN’s victory underscores its unwavering commitment to promoting decent work and fostering economic growth within the Nigerian.

Applicants for the award demonstrated how their operations and activities have promoted decent work and enabled economic growth within their community.

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.

Acknowledging the AGFUND’s Prince Talal International Prize and international partners, Dr. Okpanachi highlighted the transformative impact of the funds, poised to address identified financing gaps in the MSME segment and develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.

Speaking on Nigeria’s green financing landscape, Dr. Okpanachi underscored the nation’s need for approximately $122 billion from now till 2030 to advance the green sector and achieve Sustainable Development Goals.

“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.” he said.