• Tue. Jul 16th, 2024

Development Bank of Nigeria Joins As Partner For Africa Social Impact Summit 2024

ByHybridNewsNg

Jul 3, 2024

Dr. Tony Okpanachi, Managing Director and CEO of the Development Bank of Nigeria (DBN), and Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation

The Sterling One Foundation, co-convener of the Africa Social Impact Summit, has announced the Development Bank of Nigeria (DBN) as a partner for the upcoming third edition of the summit. The event is scheduled to take place from July 25-26, 2024, at the Eko Convention Centre in Lagos, Nigeria.

DBN joins an impressive roster of partners for the summit, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.

Established in 2014, the Development Bank of Nigeria is a wholesale finance institution dedicated to addressing the financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. DBN provides financing and partial credit guarantees to eligible financial intermediaries. In its six years of operation, DBN has disbursed loans to millions of MSMEs and supported many others through various initiatives such as the Entrepreneurship World Cup, Eco Innovation Challenge, and the DBN Capacity Building Initiative. By the end of 2023, DBN had lent ₦787.47 billion to over 494,819 MSMEs, with 356,451 of these businesses being women-owned.

Dr. Tony Okpanachi, Managing Director and CEO of DBN, highlighted the bank’s long-standing involvement with the Africa Social Impact Summit. He noted that DBN has been a part of the summit since its inception, with the bank’s Chief Economist serving as a panelist, due to the value seen in the summit’s drive for increased impact investments to scale sustainable solutions.

“We are constantly looking to reach more enterprises building impactful solutions that address Nigeria’s challenges, and this Summit presents a good opportunity to engage them and offer them ways to scale and grow,” Dr. Okpanachi said.

Mrs. Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed her delight in having the Development Bank of Nigeria on board. She emphasized the significant impact of DBN’s work and the valuable insights they offer from their experience serving Nigeria’s vibrant MSME sector. Ibekwe also pointed out the opportunities this partnership presents to summit attendees seeking credit for their impact-focused solutions.

The Africa Social Impact Summit, now in its third year, is expected to attract a diverse group of attendees committed to advancing sustainable solutions. Registration for in-person attendance is ongoing at [www.theimpactsummit.org](http://www.theimpactsummit.org).

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