Development Bank of Nigeria to expand SME loans portfolio to N1.8 trillion 

The DBN’s Managing Director, Tony Okpanachi, stated this while speaking with newsmen in Lagos.

He added that the bank is looking to mobilise N3 trillion in debt and equity to boost access to finance for MSMEs, which is a critical sector for Nigeria’s economic growth and job creation.

“We want to scale up what we’ve done in the first five years. There’s still a lot to be done in Nigeria, and we are very aspirational in our approach,” Okpanachi said.

The Managing Director added that beyond the expansion of its loan portfolio and funding, DBN’s strategic objectives include a strong emphasis on inclusive growth.

According to him, DBN’s goal is to allocate 20% of its loans to women-led businesses and 40% to enterprises owned by economically disadvantaged Nigerians.

“We want to do at least two million in terms of job creation. That means both direct and indirect job creation. 

“Along the profitability side, of course, we want to be financially sustainable. So we’re not taking our eyes off financial sustainability,” he said.

“We’re targeting sectors like manufacturing and agriculture—areas that are labour-intensive and hold the potential to absorb large segments of the workforce,” he added.

To meet its ambitious goals, DBN is also looking to expand its funding base through a mix of local and international sources.

“Strategically, we’re working on three fronts—expanding our funding sources, deepening current partnerships, and leveraging existing resources to attract new ones,” he said.

Just recently, DBN announced that it has disbursed over N1 trillion so far to Micro, Small, and Medium Enterprises through 79 participating financial institutions across the country.

In terms of human capacity development, the bank noted that it had trained more than 9,500 MSMEs across Nigeria.