Former Anambra State Governor and 2023 Labour Party presidential candidate, Mr. Peter Obi, has raised concerns over the reported disbursement of over ₦1 trillion by the Development Bank of Nigeria (DBN) to Micro, Small, and Medium Enterprises (MSMEs) since 2015.
In a statement shared on his official X handle, Obi noted that while the Bank claims to have supported MSMEs with the staggering amount, the reality on the ground tells a different story. According to him, over 80% of small business owners he has engaged with across the country are unaware of the Bank’s existence, let alone having accessed any form of funding.
He argued that if such funds were indeed disbursed, the results should be visible in the form of thriving enterprises, massive job creation, poverty reduction, and a strengthened economy. “If $1 billion were disbursed in small loans averaging $1,000 each, at least 1 million small businesses could have been supported, creating no less than 3 million jobs,” Obi stressed.
However, he lamented that the present realities show the opposite—business closures, unemployment at record highs, struggling enterprises, and worsening poverty. “How can such a huge sum be disbursed and yet ordinary Nigerians feel no impact?” Obi queried.
He further challenged the DBN to provide evidence of transparency by disclosing the identities of the beneficiaries, the tangible businesses created, and the jobs generated. Without this, he maintained, the claim of ₦1 trillion disbursement remains “another round of grand deception” where scarce national resources are captured by a few elites.
Calling for accountability, Obi emphasized that empowerment cannot be reduced to slogans or political rhetoric, insisting that Nigerians deserve proof that public funds are being invested in their future.
He concluded with a call for transparency and a renewed focus on people-driven economic growth, stating: “A New Nigeria is POssible.”
📩 Reported by: Stone Reporters News
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