Women Received 72% of N787bn Fund Beneficiaries, Says DBN

By Clement Alphonsus
Dr Tony Okpanachi (Managing Director/Chief Executive Officer, DBN)
Dr Tony Okpanachi (Managing Director/Chief Executive Officer, DBN)

The Development Bank of Nigeria noted that it disbursed N787bn to over 495,000 Micro, Small, and Medium-scale Enterprises as of the end of 2023, and 72 per cent of the beneficiaries were women, while 24 per cent of them were youths.

This was disclosed in its recently released cumulative ‘Social Impact Report’ for 2023.

According to the development bank, it prioritised women and youths in the disbursement of funds, given their roles in sustainable economic development.

While commenting on DBN’s impact in 2023, its Managing Director/Chief Executive Officer, Dr Tony Okpanachi, stated that, “The year 2023 has marked another significant milestone for DBN as we continue to make meaningful contributions to the growth and development of Nigeria’s economy. Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors. As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.

“One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market. This holistic approach not only addresses financial needs but also empowers entrepreneurs to navigate challenges and seize growth opportunities.”

On the company’s financials for 2023, Okpanachi also noted that the bank recorded gross earnings of N52.4bn and a profit before tax of N35.3bn.

He said the performance was due to the improved support it received from its development partners and other critical stakeholders, who were committed to its vision of alleviating financing constraints faced by the micro, small, and medium enterprises and small corporations in the country.