DBN Partners GIZ to Launch MSME Equipment Leasing Initiative
By Patience Ikpeme
The Development Bank of Nigeria (DBN), in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), has introduced an MSME Equipment Leasing Initiative, designed to enhance financing options for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
This partnership aims to bolster economic growth and resilience within Nigeria’s dynamic small business sector.
In a statement from DBN after the launch event, Bonaventure Okhaimo, Chief Operating Officer of the Development Bank of Nigeria, heralded the initiative as a transformative solution for MSMEs. “This initiative is expected to have a profound impact on the MSME ecosystem, which is a critical driver of economic growth, job and wealth creation in our country,” Okhaimo stated. He emphasized that by facilitating easier access to essential equipment, the DBN and GIZ are addressing major challenges faced by small businesses, thereby boosting their competitiveness and capacity for innovation.
Okhaimo further highlighted the strategic nature of the collaboration, noting that, “by partnering with GIZ and ELAN, we are not only providing financial solutions but also contributing to the overall growth and sustainability of small businesses in Nigeria.” He affirmed that the MSME Equipment Leasing Initiative is set to bridge the gap in equipment financing that many small businesses encounter, thereby enhancing their productivity and ability to scale.
Markus Wauschkuhn, Head of Programme at GIZ Nigeria/SEDIN, underscored the pivotal role of MSMEs in Nigeria’s economy. “In Nigeria, MSMEs play a pivotal role in propelling economic growth, contributing to job creation, innovation, and sustainable development. They serve as the backbone of the Nigerian economy with huge contributions to her GDP,” Wauschkuhn stated. He reiterated the shared commitment of GIZ and DBN to empower small businesses and enhance their access to crucial financing options.
“The Equipment Leasing Initiative is a testament to our dedication to fostering economic development and supporting entrepreneurship in Nigeria. By providing MSMEs with essential tools and resources, we are enabling them to thrive and contribute to a more inclusive and robust economy,” Wauschkuhn added. He described the initiative as a significant milestone in revolutionizing the financial landscape for MSMEs in Nigeria, positioning small businesses to drive innovation and fuel sustainable economic growth.
Andrew Emonuwa, Executive Secretary/CEO of the Equipment Leasing Association of Nigeria (ELAN), lauded the initiative, especially in the context of current economic challenges facing small businesses. “I must commend the Development Bank of Nigeria and its partners for coming up with such a creative concept. We are so excited about this initiative because it will deepen the penetration of leasing for MSMEs and reshape the economy for sustainable growth,” Emonuwa remarked. He emphasized that effective harnessing of leasing could provide critical support to MSMEs, facilitating easier access to essential equipment, enhancing operational success, and reducing unemployment.
The launch of the MSME Equipment Leasing Initiative marks a pivotal step in supporting Nigeria’s entrepreneurial ecosystem, reaffirming the commitment of DBN and GIZ to sustainable growth and innovation. By addressing the equipment financing needs of MSMEs, this collaborative effort is set to empower small businesses across Nigeria, driving economic progress and resilience in the face of evolving challenges.
