The Development Bank of Nigeria (DBN) said that it has so far supported the Federal Government’s priority sectors with the total disbursement of N112 billion.
The priority sectors according to the bank are manufacturing and agriculture.
A statement by the media consultant to the bank on Wednesday, said that Dr. Tony Okpanachi, Managing Director, DBN, stated this recently in Lagos during the Participating Financial Institutions (PFIs) with various categories of awards at its fourth DBN Annual Service Ambassadors Award ceremony for their sterling contributions to facilitating access to financing to Micro, Small, and Medium Enterprises (MSMEs) in the country in Lagos.
The breakdown of the disbursement according to Okpanachi are manufacturing sector with N74 billion, benefitting 3,696 end-borrowers and agriculture N38 billion, reaching 8,163 end-borrowers, among others.
- Advertisement -
With the theme: ‘Celebrating Partnerships for Amplified Impact,’ Okpanachi said that the loans were able to catalyse their growth and capacity to scale.
According to him, these strategic investments underscored the bank’s drive to grow sectors that were vital to the nation’s economic development while also commending the PFIs for their remarkable support to DBN in delivering on its mandate of enabling MSMEs to increase access to financing and ensuring sustainable growth of the sector.
The DBN boss noted that having completed its initial five-year strategy with impactful outcomes, the bank had equally unveiled its next strategic chapter, characterised by significant growth and an ambitious intent to achieve scale.
According to him, these strategic investments underscored the bank’s drive to grow sectors that were vital to the nation’s economic development while also commending the PFIs for their remarkable support to DBN in delivering on its mandate of enabling MSMEs to increase access to financing and ensuring sustainable growth of the sector.
“This strategic vision reflects our commitment to elevating our impact and expanding our reach in the coming years.
“So, as we celebrate your achievements today, let us also look forward to the future with renewed optimism. We are confident that by continuing to work together, we can build on our successes and create an even more conducive environment for MSMEs to thrive,” he said.
In his comment, Bonaventure Okhaimo, DBN’s Chief Operating Officer, stated that DBN achieved a remarkable milestone in its total loan disbursements in 2023 by a 73 per cent increase over year 2022 figure while commending the PFIs for their significant partnership in making this possible.
“Consequently, the bank experienced significant growth in its impact indicators as follows: 81 per cent growth in the total number of MSME end-beneficiaries reached; 80 per cent growth in disbursement to women, and 60% growth in disbursement to youth,’’ he added.
Okhaimo specifically applauded First Bank of Nigeria and Sterling Bank for their outstanding performance in 2023, having achieved a minimum 45 per cent year-on-year growth on key parameters, thereby earning recognition as platinum winners for the year.
Okhaimo also appreciated other PFIs who achieved notable milestones within the same year for their contributions in meeting various other lines of DBN’s impact objectives, noting “We truly appreciate your commitment and contributions in advocating for DBN and collaborating with us to increase our footprint in the MSME ecosystem.’’
While soliciting increased synergy and impactful support for DBN in achieving its mandate, he assured them of DBN’s commitment to continuously engage with them on its various programmes and initiatives to increase its impact on MSMEs’ growth and scalability.
The high point of the ceremony was the presentation of awards to outstanding PFIs in various categories topmost of which was the final awards (platinum) with First Bank Nigeria Ltd clinching the DBN Platinum Service Ambassador Award.
Making the presentation, Okpanachi said the bank was honoured for its exemplary service and exceptional dedication, recognising its significant efforts in advancing development banking.
Sterling Bank Plc was the other winner of the DBN Platinum Service Ambassador Award, and the bank was acknowledged for its outstanding service and relentless commitment, showcasing its pivotal role in the development banking sector.
On the ‘PFIs with the Highest Impact in Nigerian Region’, Infinity MFB emerged as the ‘PFI with the Highest Impact on the South-West Zone’, highlighting its exceptional efforts in making a significant impact across the region, while Accion MFB was named the ‘PFI with the Highest Impact on the South-East Zone’, reflecting its substantial contributions and impact in the area.
In the South-South Zone, Lapo MFB won the ‘PFI with the Highest Impact on the Zone’, showcasing its extraordinary commitment to regional development and support, while NPF MFB emerged as the ‘PFI with the Highest Impact on the North-West Zone’, emphasising its exceptional dedication and contributions to the region.
