Creates 1.2m jobs, manufacturing sector gets N74bn, agriculture N38bn

By Obas Esiedesa, Abuja 

Development Bank of Nigeria PLC, DBN, yesterday, disclosed that it has so far disbursed a total of N786 billion to 494,819 Micro, Small and Medium Enterprises, MSMEs, across the country, resulting in the creation of 1,200,000 jobs.

The Managing Director/ Chief Executive of DBN, Mr. Tony Okpanachi who made this disclosure at the Bank’s fifth annual lecture in Abuja, explained that of the amount, N78 billion was disbursed to the manufacturing sector with 3,696 end-borrowers benefitting while N38 billion was disbursed to the agricultural sector with 8,163 end-borrowers benefitting. 

The 2024 lecture had the theme “Empowering Nigerian MSMEs in a challenging global landscape”.

Okpanachi noted that the disbursements were made to priority areas and sectors outlined by the Federal Government. 

He said: “Since we commenced operations, we have cumulatively disbursed N786 billion in loans to 494,819 Micro, Small and Medium Enterprises across the country, thereby resulting in the creation of 1,200,000 jobs. We couldn’t have achieved this feat without the support of our stakeholders.

“Notably, as a result of our solid commitment to our mandate of driving sustainable growth, we have also aligned and supported the Federal Government’s priority sectors in our disbursement; for instance, N74 billion of our loans were allocated to the manufacturing sector, benefitting 3,696 end-borrowers; N38 billion to agriculture, reaching 8,163 end-borrowers, just to mention a few. 

“These strategic investments underscore our drive to grow sectors vital to the nation’s economic development”, he added.

Okpanachi acknowledged that MSMEs in the country were facing multiple challenges but assured that the government has taken steps to fix identified challenges.

According to him, “Recognizing the pivotal role of MSMEs in our economy, the government has also taken significant steps to address these challenges through various initiatives to create a more enabling environment for MSMEs. 

“There is still more to be done. We all must support the government’s efforts by working together creatively and implementing innovative strategies to empower MSMEs and unlock their full potential. By establishing loan guarantee schemes, allocating funds for innovative startups, providing targeted tax breaks, and investing in essential infrastructure, we can create a conducive environment for MSMEs to grow and prosper”.