The Managing Director of Development Bank of Nigeria, DBN, Dr. Tony Okpanachi has stated that the bank has disbursed over N1 trillion to Micro, Small, and Medium Enterprises, MSMEs, across the country and created more than 1.2 million jobs in 2024.
Dr Okpanachi, disclosed this in an interview with the News Agency of Nigeria on the sidelines of the African Development Bank, AfDB) Annual Meetings in Abidjan
The MD described DBN’s progress as a major milestone in its mission to enhance access to finance for Nigeria’s small businesses.
He said, “We are proud to report that at the end of 2024, DBN had disbursed over N1 trillion to MSMEs through our partner financial institutions.
“The support has helped to stimulate economic activity and improve livelihoods, especially at the grassroots.
“In terms of job creation, we have been able to support over 1.2 million jobs directly and indirectly.”
Dr Okpanachi, however, attributed the bank’s impact to its wholesale lending model. He stated that bank channelled funds to commercial banks and microfinance institutions that then on-lend to small businesses.
The DBN boss, however, acknowledged that, while progress had been made, the financing gap in the MSME sector remained significant.
He noted that “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 said,
Dr. Okpanachi also emphasized the importance of building on the momentum through policy reforms. And to increase collaboration with development partners, and innovative financing instruments.
He also praised the outgoing AfDB President, Dr Akinwumi Adesina, for his decade-long leadership at the bank. He noted that his achievements had laid the groundwork for future growth.
“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 said.
The DBN boss, therefore, called for continuity in leadership and vision to sustain the gains made and drive Africa’s development agenda forward.
source: NAN