…Over 700,000 small businesses benefit from the bank’s funding
Vice President Kashim Shettima has commended the Development Bank of Nigeria (DBN) for its growing impact on small business development across the country, following the bank’s announcement that it has disbursed over ₦1.1 trillion to more than 700,000 Micro, Small and Medium Enterprises (MSMEs) as of December 2024.
Speaking as Special Guest of Honour at the DBN’s 6th Annual Lecture in Abuja on Thursday, Shettima praised the institution’s contribution to Nigeria’s economic transformation agenda, noting that its work aligns closely with the federal government’s commitment to empowering small businesses and driving inclusive growth.
“Your achievement over the past 7 years of your operation deserves a great deal of commendation,” the Vice President said. “I am not surprised that development partners, the likes of the World Bank, African Development Bank, European Investment Bank, German Development Bank, French Development Bank, etc., have also recognised and showered DBN with a lot of accolades for its achievements, including your top-notch corporate governance structure.”
Shettima used the occasion to reiterate President Tinubu’s economic reform agenda, listing bold policy moves such as the removal of fuel subsidy, foreign exchange market unification, infrastructure renewal, and social investment as pillars of the administration’s plan to revitalise the economy.
“Over the past year, we have witnessed leadership that does not shy away from hard but necessary reforms,” Shettima said. “Initiatives such as the Presidential Palliatives Programme and funding windows through DBN, Bank of Industry, and others are cushioning businesses and positioning them for resilience.”
He emphasised that MSMEs are central to Nigeria’s recovery, pointing to their contribution to employment and GDP.
“They are not peripheral actors; they are the lifeblood of our economy, accounting for over 80% of employment,” Shettima said. “….Investing in our small businesses is investing in our future. They are the lifeblood of our economy.”
The Vice President further called for greater synergy between government policy, private sector innovation, and development finance institutions like DBN.
DBN, established to provide long-term financing to Nigeria’s underserved MSME sector, has channelled funds through 79 participating financial institutions to reach businesses across the country, according to Tony Okpanachi, the bank’s CEO.
These figures, Okpanachi said, are more than just numbers. “They reflect jobs sustained, dreams realised, and enterprises positioned for growth,” he told participants at the lecture.
“MSMEs have, in the past years, been tested by policy shifts of historic proportions… but we believe that with their resilient, creative, and adaptive DNA, they can rise stronger—provided we equip them with the right tools, access to finance, knowledge, and enabling policies,” he added.
This year’s lecture, themed “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment,” convened policymakers, entrepreneurs, financiers, and thought leaders to examine the challenges and opportunities ahead for Nigerian MSMEs.
For DBN, it was also an opportunity to reinforce its role not just as a lender, but as an enabler of knowledge, partnerships, and capacity development.
Okpanachi reaffirmed the bank’s commitment to MSME development, describing the lecture as part of broader efforts to inspire and inform entrepreneurs. “Through platforms such as this, we reaffirm that DBN is not only a provider of finance, but also a convener of ideas, a builder of capacity, and a partner in national transformation.”
