DBN Disburses N112 Billion to Boost Priority Sectors
By Patience Ikpeme
The Development Bank of Nigeria (DBN) has disbursed the sum of N112 billion in loans to support the Federal Government’s priority sectors. This investment aims to catalyze growth and scaling capacity within these sectors.
The disclosure was made by DBN’s Managing Director, Dr. Tony Okpanachi, at the 4th DBN Annual Service Ambassadors Award ceremony for Participating Financial Institutions (PFIs). The awards recognized the PFIs’ outstanding contributions to facilitating access to financing for Micro, Small, and Medium-Scale Enterprises (MSMEs) in Nigeria.
Dr. Okpanachi highlighted the impact of these disbursements on key sectors such as manufacturing and agriculture. The manufacturing sector received N74 billion, benefiting 3,696 end-borrowers, while the agricultural sector saw an infusion of N38 billion, reaching 8,163 end-borrowers.
These strategic investments are part of DBN’s broader efforts to stimulate economic development by empowering critical sectors. Dr. Okpanachi expressed gratitude to the Participating Financial Institutions (PFIs) for their invaluable role in enabling DBN to fulfill its mandate.
Reflecting on the bank’s progress, Dr. Okpanachi noted that DBN has successfully completed its initial five-year strategy and is now embarking on a new strategic chapter characterized by ambitious growth goals. He emphasized the Bank’s commitment to elevating its impact and expanding its reach in the coming years.
The DBN’s Chief Operating Officer, Bonaventure Okhaimo, highlighted the Bank’s impressive performance in 2023, with a 73 percent increase in total loan disbursements compared to the previous year. This led to substantial growth in key impact indicators, including an 81 percent increase in the number of MSME end-beneficiaries reached, an 80 percent growth in disbursements to women, and a 60 percent growth in disbursements to youth.
Okhaimo lauded First Bank of Nigeria and Sterling Bank for their outstanding contributions in 2023, recognizing them as platinum winners. He also acknowledged the efforts of other PFIs who made significant strides in meeting DBN’s impact objectives.
Okhaimo called for continued synergy and impactful support from PFIs to help DBN achieve its mandate. He assured them of DBN’s ongoing commitment to engaging with them on various programs and initiatives aimed at increasing the Bank’s impact on MSMEs’ growth and scalability.
The event culminated in the presentation of awards to outstanding PFIs in various categories, celebrating their contributions to DBN’s mission of fostering economic development through strategic financial interventions.
