DBN empowering MSMEs to contribute more to GDP
By Patience Ikpeme
The Development Bank of Nigeria (DBN) is working towards the goal of having Micro Small and Medium Enterprises (MSMEs) contribute more than 50 percent to the country’s Gross Domestic Product (GDP).
To achieve this, the DBN has provided training to 1,000 small businesses in six states in the North-East and North-West regions.
Dr. Tony Okpanachi, the Managing Director/CEO of the Development Bank of Nigeria, emphasized the importance of small businesses as creators of value and wealth for individuals.
He expressed the DBN’s strong commitment to helping MSMEs increase their capacity for growth, sustainability, and expansion, ultimately benefiting the entire Nigerian economy.
Okpanachi highlighted the significance of MSMEs in driving socio-economic development, noting that the majority of businesses in Nigeria operate in the informal sector and are dominated by MSMEs. These businesses make up 97 percent of the total, generate six million jobs, and contribute 50 percent to the national GDP.
The DBN has implemented various capacity training initiatives to enhance the knowledge and skills of MSME owners nationwide, positioning them for sustainable growth and expansion.
One notable initiative is the annual DBN Entrepreneurship Training Programme (DBNETP), which has already benefited over 2000 MSMEs through digital and physical training, leveraging partnerships and the DBN Learning Management System (LMS).
The recent training provided by the DBN targeted MSMEs in Gombe, Maiduguri, Adamawa, Katsina, Sokoto, and Kebbi states. The aim of the programme was to enhance the skills of the beneficiaries and empower them to scale up their businesses.
The training also focused on equipping business owners with the knowledge and understanding of how to access DBN funding through Participating Financial Intermediaries (PFI).
