The Presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has stated that the claim by the Development Bank of Nigeria (DBN) that it disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria since 2015 is unfounded.
Mr. Obi, in a post on his X handle on Wednesday stated that after his interface with small businesses across the country, it was discovered that the money did not get to them, wondering to whom the money was disbursed.
He argued that if such amount was disbursed as claimed, the ripple effect would have been no less than 3 million new jobs, with visible growth in enterprises, an improved economy, and measurable progress in lifting people out of poverty.
“The reality is that most of them are not even aware of any such disbursement, and over 80% are unaware of the Bank’s very existence. The level of knowledge about the existence and utility of such an institution is directly proportional to its impact on the people it is meant to serve.
“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 $,1000 each, it could have supported at least 1 million small businesses. The ripple effect of this would have been no less than 3 million new jobs, with visible growth in enterprises, an improved economy, and measurable progress in lifting people out of poverty.
“But the reality before us today tells a different story: unemployment remains at a record high, businesses are struggling to survive rather than thriving, many enterprises are shutting down or relocating outside Nigeria, and poverty is deepening instead of reducing. So the critical question is: if N1 trillion truly left the coffers of DBN to empower Nigerians, where did the money go?,” he questioned.
The former governor of Anambra State wonders why such a huge sum was disbursed and not impact on ordinary Nigerians. Noting that empowerment is not a slogan or a campaign tool – it must be proven by results.
“Nigerians need to know where the money went. Who exactly were the beneficiaries? What tangible businesses were created? Where is the proof of jobs generated or poverty reduced?
“Without answers to these questions, the claim of N1 trillion disbursement remains yet another round of grand deception, where scarce natural resources are captured by a few elites and recycled under the guise of empowerment schemes,” he said.
Mr Obi said that Nigeria must insist on transparency and accountability. Stating that the people deserve evidence that such vast sums are being invested in their lives and future—not lost to corruption or buried in empty statistics.
