Vice President Kashim Shettima has commended the Development Bank of Nigeria (DBN) for its significant contributions to the growth of micro, small, and medium enterprises (MSMEs) in Nigeria. Shettima acknowledged the bank’s role in fostering job creation and reducing poverty by providing over N787bn in loans to more than 500,000 MSMEs since its inception in 2014.
Speaking at the fifth DBN Annual Lecture in Abuja, the Vice President, represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, noted that the bank’s impact aligns with the Federal Government’s priorities of promoting economic growth, poverty reduction, and ensuring capital access for small businesses.
“DBN’s achievements are significant and far-reaching,” Shettima stated, emphasizing how the bank’s initiatives align with President Bola Tinubu’s agenda of economic inclusivity, job creation, and improving access to finance.
Government Efforts to Empower MSMEs
Shettima also touched on ongoing government efforts to empower MSMEs, citing foreign direct investment (FDI) deals worth over $500 million, and new programs designed to enhance access to finance and skills development for Nigerian youth and small businesses.
DBN’s Call for More Support
Tony Okpanachi, the Managing Director/CEO of DBN, called for increased support from institutions and the private sector to further aid the growth of MSMEs. He highlighted the challenges businesses face due to global economic factors, such as inflation and supply chain disruptions, and urged for collaborative efforts to alleviate the financial burdens on MSMEs.
Insights from Industry Leaders
The keynote speaker, Dr. Nneka Onyeali-Ikpe, Group Managing Director/CEO of Fidelity Bank Plc, discussed the difficulties MSMEs encounter, while a panel led by Abba Aliyu, Managing Director of the Rural Electrification Agency, explored innovative solutions for the sector.
DBN’s efforts to boost MSMEs contribute to the Federal Government’s broader goals of fostering economic growth and addressing unemployment, a move crucial to driving Nigeria’s economic transformation.