Tony Okpanachi, the Managing Director/Chief Executive Officer of the Development Bank of Nigeria (DBN), has urged policy makers across Africa to promote inclusive growth for micro, small and medium enterprises (MSMEs) to thrive.
“Inclusive growth is when everyone is carried along. While Africa has consistently discussed GDP growth and other indices, inclusive growth remains a major challenge,” Okpanachi said on the sideline of the recent 66th annual conference of the Nigerian Economic Society (NES), held in Abuja.
Themed, ‘Rethinking Africa’s Development’ Okpanachi stated that Nigeria still lag behind in several development indicators despite the country’s economic targets, and advocated for policies that promote inclusive rather than exclusive growth. “We need coordinated efforts by policymakers, operators and stakeholders to put the country on a sustainable growth trajectory.”
Okpanachi, who was inducted as a Fellow of the NES disclosed that his experience in bridging finance gaps for SMEs would shape his contributions to the NES conversations.
“From theory to practice, that is what I bring to the table. My background as an economist and as a practitioner in banking, especially development banking, gives me both theoretical and practical perspectives,” he said.
According to him, the recognition is a major milestone in his professional journey, noting that only 74 people have been admitted into the fellowship of the NES since inception in 1957, and added that his dual experience helps in finding workable solutions for inclusive growth.
“It is a privilege to be counted among such a select group. As a trained economist and a development banker, this recognition aligns with my role at DBN where we provide access to finance for micro, small and medium enterprises (MSMEs), who are the bedrock of the Nigerian economy. It is all tied to ensuring sustainable growth for Nigeria”, he noted.
He emphasised the strategic importance of the Society’s advisory role in shaping the Nigerian economy, saying the fellowship would further strengthen his contribution to national economic discourse.
Okpanachi reaffirmed DBN’s commitment to expanding financial inclusion by addressing access-to-finance challenges faced by MSMEs, which he described as critical players in achieving long-term national development.
