DBN Disburses ₦1.4 Trillion, Creates 1.6 Million Jobs

The Development Bank of Nigeria (DBN) Plc has disbursed a cumulative ₦1.4 trillion to micro, small and medium-sized enterprises (MSMEs) through 84 Participating Financial Institutions (PFIs), resulting in the creation of approximately 1.6 million jobs nationwide. Dr Tony Okpanachi, Managing Director/CEO of DBN, made this announcement in Abuja on Thursday during the seventh DBN Annual Lecture, themed “From Policy to Prosperity: Translating Economic Reforms into MSME Growth.” He stated that the bank's new five-year strategy aims to reach over two million MSMEs, with specific targets for women-led and youth-led businesses.

Okpanachi emphasized the importance of ensuring that economic reforms benefit local traders and entrepreneurs. He cited a national survey indicating that MSMEs contribute nearly half of Nigeria's GDP and account for over 80% of jobs.

At the event, DBN launched DAWN: DBN Action for Women in Nigeria, which focuses on providing financial support and technical assistance to women-led businesses.