DBN Disburses N1.1 Trillion to 700,000 Nigerian MSMEs, Boosting Small Businesses

The Development Bank of Nigeria (DBN) has disbursed approximately N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) nationwide.

Dr. Tony Okpanachi, Managing Director of the bank, revealed the figure on Thursday during the sixth annual DBN lecture held in Abuja.

“At DBN, we are proud to be playing our part. By the end of December 2024, DBN had disbursed a cumulative sum of over N1.1 trillion to MSMEs across the country, working through 79 Participating Financial Institutions to on-lend to over 700,000 businesses,” he said.

“These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth.”

Okpanachi acknowledged the challenges MSMEs have faced in recent years due to historic policy shifts and limited access to finance but described the current period as a “new dawn and a rekindled hope.” He cited government initiatives such as the National Council on MSMEs, tasked with policy formulation, fostering public-private partnerships, and promoting inter-agency collaboration.

“We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish,” he added.

He also highlighted the annual lecture as a platform for policymakers, entrepreneurs, financiers, and thought leaders to explore strategies for unlocking the potential of Nigerian MSMEs. The theme of this year’s lecture was “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment.”

Expressing confidence in the resilience of small businesses, Okpanachi said: “Nigerian MSMEs, with their resilient, creative, and adaptive DNA, can rise stronger, provided we equip them with the right tools, access to finance, knowledge, and enabling policies. The destiny of Nigeria’s economy is intertwined with the success of its small businesses. When they thrive, we all thrive.”

In a goodwill message, Vice President Kashim Shettima affirmed the administration’s continued support for MSMEs. Represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, he noted that reforms like the removal of the fuel subsidy and the unification of the foreign exchange market have enhanced transparency, encouraged foreign investment, and restored confidence in Nigeria’s economy.

“The administration inaugurated the National Council on MSMEs to harmonise government policies and foster partnerships to ease access to finance and expand opportunities for small businesses,” Shettima said.

He urged stakeholders to seize the opportunity to align government policy, private sector innovation, and development finance towards building a Nigeria “where small businesses flourish, industries expand, and prosperity is widely shared.”

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