The Development Bank of Nigeria (DBN) has disbursed over N1.1 trillion to more than 700,000 Micro, Small and Medium Enterprises (MSMEs) across the country as of December 2024.
The funds, released through 79 participating financial institutions, are aimed at improving access to credit for small businesses, which the bank described as the backbone of the nation’s economy.
DBN Managing Director, Dr. Tony Okpanachi, announced this at the bank’s 6th annual lecture held on Thursday in Abuja, themed “Positioning Nigeria’s MSMEs for Growth in a Dynamic Policy Environment.”
“These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth,” Okpanachi said.
He noted that despite longstanding challenges such as limited access to finance and policy disruptions, government initiatives—particularly the inauguration of the National Council on MSMEs—are helping to reposition the sector through policy formulation, public-private partnerships, and inter-agency collaboration.
Okpanachi described the lecture as a platform for entrepreneurs, financiers, and policymakers to chart strategies for unlocking MSMEs’ potential, stressing that Nigeria’s economic prosperity depends on their success.
Representing Vice President Kashim Shettima, his Special Adviser on Economic Matters, Dr. Tope Fasua, reaffirmed the administration’s commitment to small business growth.
He said reforms such as fuel subsidy removal and foreign exchange unification were necessary to restore investor confidence and expand opportunities.
“MSMEs are not peripheral actors; they are the lifeblood of our economy, accounting for over 80 percent of employment and making a significant contribution to GDP,” Fasua said.
Delivering the keynote lecture, Flora Mutahi, Managing Director of Melvine Teas, urged African entrepreneurs to embrace a shift in mindset to bridge the gap between the large number of enterprises and their relatively low contribution to GDP.
She highlighted infrastructure deficits, poor access to capital, and fragmented markets as major constraints, and advocated the adoption of a 4Cs framework—content, capacity, compliance, and collaboration—as vital tools for sustainable growth.
“Africa must buckle up, pull up our socks, and build MSMEs that can compete locally, regionally, and globally,” she said.
With MSMEs contributing about 40 percent to Africa’s GDP despite representing 22 percent of the world’s enterprises, experts at the event agreed that access to finance, policy clarity, and innovation remain key to transforming small businesses into drivers of inclusive economic growth.
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