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Development Bank secures $400,000 award



Tony Okpanachi
Receiving the 2022 Arab Gulf Programme for Development Prince Talal International Prize for Human Development, the Development Bank of Nigeria was recognized for its efforts in advancing ‘Sustainable Development Goal 8 Decent Work and Economic Growth’.

The bank clinched the top prize of $400,000 in the first category, triumphing over 100 other projects in the same category.

Applicants showcased how their initiatives had bolstered decent work and fostered economic progress within their communities, aligning with Sustainable Development Goal 8, a target agreed upon by all 191 UN member states to achieve by 2030.

During the award ceremony at COP28 in Dubai, Dr. Tony Okpanachi, the Managing Director and Chief Executive Officer of DBN, credited the bank’s steadfast dedication to global sustainability for the prestigious recognition.

Okpanachi remarked, “DBN is thrilled about this grant as it aligns with our ambition to serve as the primary development finance institution, driving growth through MSME finance and accelerating sustainable socio-economic development in technology, agriculture, health, education, and job creation 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.

“The funds will go a long way in addressing identified financing gaps in the MSME segment and enhancing the capacity for conceiving, developing, financing, and managing impactful, viable, and financially sustainable green projects.”

Regarding Green Financing in Nigeria, Okpanachi emphasized that the country needs about $122bn by 2030 to develop the green sector and achieve the Sustainable Development Goals.

“Efforts have been made to raise the necessary funds, and gestures like this will help bridge the funding gap for sustainable investments in Nigeria, with DBN leading the charge in driving this investment,” Okpanachi added.