• Sunday, February 25, 2024
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BusinessDay

DBN wins $400,000 AGFUND PTI award for green financing in Nigeria

DBN pushes MSMEs towards tech, saying mere financing is no longer enough.

The Development Bank of Nigeria (DBN), has been announced winner of the $USD 400,000 prize money for the 2022 Arab Gulf Program for Development (AGFUND) Prince Talal International Prize for Human Development.

The award was in recognition of the DBN’s work on SDG8 ‘Decent Work and Economic Growth’ on the sideline of the recently concluded COP28, where it emerged winner of the first category having competed with over 100 projects.

The DBN is a wholesale development finance institution (DFI) focused on alleviating financing constraints faced by SMEs and MSMEs in Nigeria.

Tony Okpanachi, MD/CEO, DBN, said that the DBN is at the forefront in driving sustainable investment in Nigeria. “I also want to use this medium to appreciate the organisers of the AGFUND’s Prince Talal International Prize and our international partners for considering us worthy of this prize”.

According to him, the funds will go a long way to fill identified financing gaps in the MSME segment and develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.

He also disclosed that applicants for the award demonstrated how their operations and activities have promoted decent work and enabled economic growth within their community, which aligns with the Sustainable Development Goal (SDG) Goal 8 that all 191 UN Member States have agreed to achieve by year 2030.

He attributed the award to the bank’s unwavering commitment to the global drive on green and sustainability. “At DBN, we are excited about this grant, because it aligns with the agenda and aspirations of the bank to become the primary development finance institution promoting growth through MSME finance and accelerating sustainable socio-economic development in technology, agriculture, health, education and job creation in Nigeria”.

According to him, Nigeria requires about $122 billion between now and 2030, to develop the green sector and attain the Sustainable Development Goals. He disclosed that there has been a significant effort in raising the required finance, while gestures like this will help bridge the funding gap needed to achieve sustainable investment in Nigeria.