Former presidential candidate of the Labour Party, Peter Obi, has raised doubts over the Development Bank of Nigeria’s (DBN) claim that it has disbursed more than ₦1 trillion to Micro, Small, and Medium Enterprises (MSMEs) since 2015.
Obi, in a post on his official X handle on Wednesday, said his findings from personal investigations and interactions with small businesses across the country suggest otherwise.
“I recently read a report from the Development Bank of Nigeria (DBN) stating that it has disbursed over ₦1 trillion to MSMEs in Nigeria since 2015. By simple conversion over the said period, this amounts to more than $1 billion,” Obi wrote.
According to him, over 80 percent of small business owners he encountered were unaware of DBN’s existence, let alone receiving financial support from the bank. He noted that the visibility and effectiveness of such an institution should be reflected in the growth of enterprises and job creation across the country.
“If indeed such an amount was deployed to support enterprises, the results should be evident. For instance, if $1 billion were disbursed in small loans averaging about $1,000 each, it could have supported at least one million small businesses. The ripple effect of this would have been no less than three million new jobs, with visible growth in enterprises, an improved economy, and measurable progress in lifting people out of poverty,” he argued.
Obi questioned why unemployment remains at record highs, businesses continue to shut down or relocate outside the country, and poverty levels deepen despite the DBN’s reported disbursements.
READ ALSO: Peter Obi: Nigeria Must End Endless Burials of Security Personnel
“So the critical question is: if ₦1 trillion truly left the coffers of DBN to empower Nigerians, where did the money go? How can such a huge sum be disbursed and yet ordinary Nigerians feel no impact? Empowerment is not a slogan or a campaign tool—it must be proven by results,” he stated.
The former Anambra governor called for transparency and accountability from the DBN, demanding evidence of beneficiaries, businesses created, jobs generated, and poverty reduction achieved.
“Without answers to these questions, the claim of ₦1 trillion disbursement remains yet another round of grand deception, where scarce national resources are captured by a few elites and recycled under the guise of empowerment schemes,” Obi said, adding that Nigerians deserve proof that such vast sums are truly being invested in their future.
He concluded with his familiar message of hope: “A New Nigeria is POssible.”