The Development Bank of Nigeria has clinched the prestigious 2022 Arab Gulf Programme for Development Prince Talal International Prize for Human Development in the category of ‘Sustainable Development Goal 8: Decent Work and Economic Growth.’ After competing with over 100 projects, the bank secured the top position, earning a grand prize of $400,000.
In a statement, the bank highlighted that applicants for the award showcased how their initiatives contributed to decent work and fostered economic growth within their communities, aligning with the global goal of achieving Sustainable Development Goal 8 by 2030.
The award ceremony, held on the sidelines of COP28 in Dubai, saw Dr. Tony Okpanachi, the Managing Director, and Chief Executive Officer of DBN, attributing the success to the bank’s steadfast commitment to global initiatives on green and sustainability.
Dr. Okpanachi expressed the bank’s enthusiasm for the grant, emphasizing its alignment with DBN’s agenda to serve as the primary development finance institution promoting growth through MSME finance.
The bank aims to accelerate sustainable socio-economic development in various sectors such as technology, agriculture, health, education, and job creation in Nigeria.
Acknowledging the organizers of the AGFUND’s Prince Talal International Prize and international partners, Dr. Okpanachi noted that the funds would address identified financing gaps in the MSME segment.
The grant would also enhance capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.
Meanwhile, discussing Green Financing in Nigeria, Dr. Okpanachi emphasized that the country requires approximately $122 billion from now until 2030 to develop the green sector and achieve the Sustainable Development Goals.
He underscored the significant efforts in raising the necessary finance and highlighted that awards like this would play a crucial role in bridging the funding gap necessary for sustainable investment in Nigeria, with DBN leading the charge in driving such investments.
