Business & Finance

DBN Empowers 495,000 MSMEs with N787 Billion, Fostering Inclusive Growth in Nigeria

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In a significant milestone, the Development Bank of Nigeria (DBN) has disbursed a substantial N787 billion to over 495,000 Micro, Small, and Medium Enterprises (MSMEs) since its inception in 2017. This remarkable achievement is a testament to the bank’s unwavering commitment to supporting the growth and development of MSMEs in Nigeria.

As highlighted in its recently released Social Impact Report for 2023, DBN has demonstrated its dedication to empowering women and youth-led businesses, with an impressive 72% of beneficiaries being women and 24% youth. This holistic approach not only addresses financial needs but also equips entrepreneurs with the necessary skills to navigate challenges and seize growth opportunities.

DBN’s impact extends beyond loan disbursements, as it has also played a pivotal role in job creation, generating over 1.2 million jobs through its support to MSMEs. Additionally, the bank has provided training to over 3,500 MSMEs in areas such as business planning, accounting, and marketing, further equipping entrepreneurs with the necessary skills for success.

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Dr. Tony Okpanachi, Managing Director of DBN, emphasized the importance of profitability for financial sustainability, highlighting the bank’s impressive financial performance in 2023, with gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35.3 billion.

DBN’s success can be attributed to its strategic partnerships with renowned organizations such as LBS, Google, GIZ, FSFM, and GAIN, among others. These collaborations have enabled the bank to leverage expertise and resources, providing tailored solutions to MSMEs and driving sustainable development and economic resilience in Nigeria.

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As Nigeria strives towards sustainable development and economic resilience, DBN remains committed to unlocking the full potential of MSMEs. With its continued support and empowerment of women and youth entrepreneurs, DBN is poised to make a lasting impact on Nigeria’s economy.

Source: NairaMetrics.com

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