Former Labour Party Presidential candidate for the 2023 elections, Peter Obi, has questioned the report by the Development Bank of Nigeria (DBN), claiming that it had disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria since 2015.

Obi, in a statement yesterday titled “Where did N1 trillion go?” questioned the effectiveness of this funding, citing the country’s persistent economic challenges.

According to DBN’s Managing Director, Tony Okpanachi, the bank has disbursed over N1trillion to MSMEs through 79 participating financial institutions across the country, supporting more than 69,000 MSMEs in economically disadvantaged states.

The bank stated that it aimed to grow its outstanding loan portfolio to over N1.8 trillion as part of its new five-year strategic plan, targeting sectors like manufacturing and agriculture to absorb large segments of the workforce.

According to the former Governor of Anambra State, the impact of such funding is not evident, with many small businesses unaware of the DBN’s existence or any disbursements made to them.

He questioned the beneficiaries of the funds, tangible businesses created, jobs generated, and poverty reduction achieved. Obi emphasised the need for transparency and accountability, stating that “empowerment is not a slogan or a campaign tool – it must be proven by results”.

He explained that he did not comment immediately on DBN’s claim because he wanted to investigate further, especially through his travels and contacts with small businesses across the country.

“The reality is that most of them are not even aware of any such disbursement, and over 80 per cent are unaware of the bank’s existence.”

The level of knowledge about the existence and utility of such an institution is directly proportional to its impact on the people it is meant to serve.”

According to Obi, despite the DBN’s claims, the reality before us today tells a different story.

“Unemployment remains at a record high, businesses are struggling to survive rather than thriving, many enterprises are shutting down or relocating outside Nigeria, and poverty is deepening instead of reducing. So the critical question is: if N1 trillion truly left the coffers of DBN to empower Nigerians, where did the money go?

“How can such a huge sum be disbursed and yet ordinary Nigerians feel no impact? Empowerment is not a slogan or a campaign tool – it must be proven by results. Nigerians need to know where the money went. Who exactly were the beneficiaries? What tangible businesses were created? Where is the proof of jobs generated or poverty reduced?”