The Development Bank of Nigeria has disclosed that it disbursed N787bn to over 495,000 Micro, Small, and Medium-scale Enterprises as of the end of 2023, and 72 per cent of the beneficiaries were women, while 24 per cent of them were youths.
This was revealed in its recently released cumulative ‘Social Impact Report’ for 2023.
The development bank said that it prioritised women and youths in the disbursement of funds, given their roles in sustainable economic development.
The report also revealed that in the past year, more than 3,500 MSMEs were trained by the bank in a wide range of courses, such as essentials of a business plan, accounting, book-keeping, marketing and branding, business sustainability, environmental and social risk governance, among others.
Commenting on DBN’s impact in 2023, its Managing Director/Chief Executive Officer, Dr Tony Okpanachi, said, “The year 2023 has marked another significant milestone for DBN as we continue to make meaningful contributions to the growth and development of Nigeria’s economy. Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors. As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.
“One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market. This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.”
Okpanachi also stated that the bank established several partnerships with notable entrepreneurship-oriented organisations such as LBS, Google, GIZ, FSFM, GAIN, etc.
On the company’s financials for 2023, Okpanachi said the bank recorded gross earnings of N52.4bn and a profit before tax of N35.3bn.
He attributed the performance to the improved support it received from its development partners and other critical stakeholders, who were committed to its vision of alleviating financing constraints faced by the micro, small, and medium enterprises and small corporations in the country.
