Since its inception in 2017, the Development Bank of Nigeria (DBN) has been a stalwart supporter of Micro, Small, and Medium Enterprises (MSMEs), disbursing an impressive N787 billion to more than 495,000 entrepreneurs. In its recently released “Social Impact Report” for the year 2023, DBN underscored its commitment to fostering inclusivity by directing significant support towards women and youth-led businesses, with 72 percent of beneficiaries being women and 24 percent youth.
Dr. Tony Okpanachi, the Managing Director of DBN, reaffirmed the bank’s unwavering focus on inclusivity and empowerment. He emphasized that DBN’s approach extends beyond financial support, aiming to equip entrepreneurs with the tools and resources needed to overcome challenges and capitalize on growth opportunities.
In addition to its substantial financial contributions, DBN has been instrumental in job creation, facilitating the generation of over 1.2 million employment opportunities through its support to MSMEs. Furthermore, the bank has conducted comprehensive training programs, Logistics Partner Renda Secures $1.9 Million to Scale Operations in Nigeria and Kenyabenefiting more than 3,500 MSMEs across various critical areas such as business planning, accounting, and marketing. These initiatives play a crucial role in enhancing the capabilities of entrepreneurs, thereby fostering sustainable growth and development.
Dr. Okpanachi also highlighted DBN’s robust financial performance in 2023, emphasizing the importance of profitability for ensuring the bank’s long-term sustainability. Through prudent financial management and strategic investments, DBN continues to make significant strides in driving economic empowerment and fostering a thriving entrepreneurial ecosystem in Nigeria.