Former Anambra State Governor Peter Obi has cast doubt on the claim by the Development Bank of Nigeria (DBN) that it has disbursed over ₦1 trillion to Micro, Small, and Medium Enterprises (MSMEs) since 2015.
In a statement posted on his X page on Wednesday, Obi said his personal investigations and interactions with small business owners across the country revealed that most are unaware of the DBN’s existence or any such disbursements.
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The 2023 presidential candidate of the Labour Party, LP, argued that if a sum of over ₦1 trillion, equivalent to more than $1 billion, had truly been disbursed, the results should be evident in the Nigerian economy.
He posited that a similar amount, if distributed in small loans of about $1,000 each, could have supported at least one million small businesses, creating an estimated three million new jobs and visibly reducing poverty.
“But the reality before us today tells a different story,” Obi stated.
He pointed to persistent high unemployment, struggling businesses, closures, and rising poverty as evidence that the claimed disbursement has had no tangible impact on ordinary Nigerians.
Obi demanded transparency and accountability, asking: “Where did the money go? Who exactly were the beneficiaries? What tangible businesses were created? Where is the proof of jobs generated or poverty reduced?”
He expressed concern that without clear answers, the claim might be “yet another round of grand deception” where national resources are diverted by a few elites under the pretext of empowerment schemes.
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Obi insisted that Nigerians deserve evidence that such a significant sum is being invested in their future, not lost to corruption or “buried in empty statisics.”
