DBN Pledges Support to Address Challenges Facing MSMEs

The Development Bank of Nigeria (DBN) has restated its commitment to driving Nigeria’s economic transformation by aligning its interventions with President Bola Ahmed Tinubu’s agenda to tackle challenges facing Micro, Small, and Medium Enterprises (MSMEs).

Speaking at the 6th edition of the DBN Annual Lecture in Abuja, themed “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment”, the Bank’s Managing Director, Dr Tony Okpanachi, emphasised DBN’s determination to support the prosperity of MSMEs nationwide.

“MSMEs have, in recent years, been tested by historic policy shifts, especially around access to finance, which has significantly hampered their growth and sustainability. However, we are now witnessing a new dawn, a rekindled hope for MSMEs in Nigeria,” Dr Okpanachi said.

He outlined several initiatives to empower MSMEs, including the inauguration of the National Council on MSMEs, charged with policy formulation, fostering public-private partnerships, and promoting inter-agency collaboration to accelerate sectoral growth.

According to Dr Okpanachi, DBN remains a critical enabler of MSME development, working in partnership with financial institutions.

“At DBN, we are proud to be playing our part. As of December 2024, the Bank had disbursed a cumulative total of over ₦1.1 trillion to MSMEs across Nigeria through 79 Participating Financial Institutions, supporting more than 700,000 businesses. These numbers represent more than just data — they reflect sustained jobs, fulfilled dreams, and enterprises positioned for growth,” he added.

Vice President Kashim Shettima commended DBN for being an essential partner in turning the government’s vision into practical outcomes.

“From the farmer in Kano to the digital innovator in Lagos, DBN ensures that every entrepreneur can access the tools needed to thrive,” he said

Delivering the keynote address, Kenyan entrepreneur and founder of Melvins Teas, Flora Mutahi, called for deeper intra-African collaboration, improved infrastructure, and wider access to finance to drive MSME expansion.

“We have the numbers in Africa, but not the impact,” she said, noting that although Africa is home to 22% of the world’s MSMEs, its contribution to global GDP remains disproportionately low.

She urged African countries to “buckle up” and build enterprises capable of competing on local, regional, and global platforms.

Mutahi also praised DBN and similar institutions for offering critical funding and de-risking mechanisms that enable small businesses to scale and gain international competitiveness.

Reaffirming its role, DBN said it would continue aligning with national priorities while strengthening collaboration with public and private stakeholders.

With a strategic focus on access to finance, capacity building, and policy advocacy, the Bank pledged to unlock the full potential of Nigeria’s entrepreneurial ecosystem.