DBN Disburses N1.1tr to MSMEs, Says Funds Sustained Over 700,000 Businesses
By Patience Ikpeme
The Development Bank of Nigeria (DBN) has disbursed over N1.1 trillion to Micro, Small and Medium Enterprises (MSMEs) across the country as of December 2024.
The bank’s Managing Director, Dr. Tony Okpanachi, made the disclosure at the 6th Annual Lecture of the DBN, stating that the funds, channeled through 79 Participating Financial Institutions, have supported more than 700,000 businesses.
Dr. Okpanachi said that these figures represent significant impact on the Nigerian economy. “These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth,” he said.
He acknowledged that MSMEs have faced significant challenges, particularly with limited access to finance, but pointed to recent interventions, including the inauguration of the National Council on MSME, as a sign of renewed commitment to the sector. “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,” he added.
Speaking at the event, Vice President Kashim Shettima, represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, called on Nigerians to seize the opportunity to align government policies, private sector innovation, and development finance to build a thriving economy.
The Vice President said that MSMEs are central to economic growth and national development. “MSMEs are not peripheral actors; they are the lifeblood of our economy, accounting for over 80 percent of employment and making a significant contribution to GDP,” he said.
He added that institutions like DBN are “critical partners in translating that vision into action, ensuring that every entrepreneur, from the farmer in Kano to the digital innovator in Lagos, can access the tools to thrive.”
The guest lecturer, Flora Mutahi, the Managing Director of Melvine Teas, provided a global perspective on the role of MSMEs. She noted that Africa, with 24 million MSMEs, contributes only 40 percent to its GDP, a stark contrast to India and Europe, where smaller numbers of enterprises contribute over 50 percent to their respective economies.
She attributed this gap to infrastructure bottlenecks, fragmented markets, and limited access to capital, citing that Africa receives only one percent of global venture capital funding.
Mutahi also called for a mindset shift among African entrepreneurs, saying, “We must really buckle up, pull up our socks, and build our MSMEs to stand on local, regional, and global platforms.” She concluded that with resilience and the right support, African MSMEs can become sustainable drivers of growth and job creation.
