DBN’s ₦1 Trillion Claim
Former Labour Party presidential candidate in the 2023 elections, Mr. Peter Obi, has raised concerns over the Development Bank of Nigeria’s (DBN) announcement that it had disbursed more than ₦1 trillion to Micro, Small, and Medium Enterprises (MSMEs) since 2015.
In a statement issued on Wednesday, titled “Where Did ₦1 Trillion Go?”, Obi questioned the effectiveness of the disbursement, pointing out that Nigeria’s worsening economic reality does not reflect such massive investment.
DBN’s Managing Director, Tony Okpanachi, had revealed that the loans were distributed through 79 participating financial institutions nationwide, reaching more than 69,000 MSMEs, including businesses in economically disadvantaged regions.
The bank also outlined a new five-year plan to grow its loan portfolio to over ₦1.8 trillion, with a focus on manufacturing and agriculture, sectors capable of employing a large portion of Nigeria’s workforce.
Obi’s Doubts Over Impact
Obi, however, insisted that the impact of the disbursement is invisible. He argued that most small business operators are either unaware of DBN’s existence or have never accessed any of its funds.
He demanded clarity on who the actual beneficiaries are, what businesses were established, how many jobs were created, and what progress has been made in reducing poverty.
According to him, empowerment cannot remain a slogan or political tool but must be backed by measurable results. By his calculation, the ₦1 trillion translates to over $1 billion during the period under review.
Field Findings And Projections
The former Anambra governor explained that he delayed commenting on DBN’s claim until he had carried out checks during his nationwide travels and interactions with small businesses. Most, he said, admitted they had never heard of DBN.
“If indeed $1 billion was invested in small enterprises, the results should be undeniable. For instance, if disbursed in $1,000 loans, at least one million small businesses could have been supported. That would have created no less than three million new jobs, visible enterprise growth, economic expansion, and poverty reduction,” Obi stressed.
Instead, he lamented, Nigeria is seeing the opposite: unemployment at record highs, businesses struggling, many shutting down or relocating abroad, and poverty levels deepening rather than improving.
Call For Transparency
Obi demanded transparency from the DBN and the Tinubu government, asking how such a huge sum could have left the bank without tangible results for ordinary Nigerians.
He described the claim as a possible deception where scarce resources are diverted by elites and recycled under the guise of empowerment schemes.
“Nigeria must insist on transparency and accountability,” Obi said. “Our people deserve proof that vast sums are invested in their lives and future—not lost to corruption or buried in empty statistics.”
Senate Findings On Unequal Distribution
Concerns about DBN’s disbursement are not new. In 2023, a Senate motion revealed sharp disparities in how loans were distributed across regions. The South-West received about 57% of the loans, while the North accounted for only 11%, raising questions about fairness and inclusiveness.
As Nigeria continues to face economic challenges, Obi’s concerns highlight a growing demand for evidence-based governance and accountability in the use of national resources.
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