Fed Govt Commends DBN for Significant Contributions to MSMEs
By Patience Ikpeme
The federal government has lauded the Development Bank of Nigeria Plc (DBN) for its substantial contributions to the growth and development of Nigeria’s micro, small, and medium-scale enterprises (MSMEs).
Speaking at the 5th DBN Annual Lecture in Abuja, Vice President Kashim Shettima, represented by Dr. Tope Fasua, described the bank’s achievements since its establishment in 2014 as “significant and far-reaching.”
The Vice President highlighted the DBN’s role in providing over N787 billion in loans to more than 500,000 MSMEs across the country. This funding has led to job creation, boosted economic activity, and reduced poverty, aligning with President Bola Ahmed Tinubu’s priorities.
Senator Shettima also emphasized the federal government’s commitment to supporting MSMEs, citing initiatives such as the signing of FDI deals, the launch of the CNG Initiative, and the creation of the Consumer Credit Corporation. Additionally, the government has introduced programs like IDiCE, SUPA, NIYA, and NATEP to empower youth and promote entrepreneurship.
DBN’s Managing Director/CEO, Dr. Tony Okpanachi, called for increased support from key institutions to boost the growth of MSMEs. He stressed the critical role these businesses play in Nigeria’s economy and the need for more concerted efforts to address their financial constraints.
The DBN Annual Lecture served as a platform for industry leaders and financial experts to discuss strategies for empowering MSMEs in a challenging global landscape. Dr. Okpanachi commended the federal government’s initiatives but reiterated the need for continued collaboration to create a conducive environment for MSMEs to thrive.
DBN’s ongoing efforts in providing financing and partial credit guarantees to eligible financial intermediaries are aimed at ensuring that MSMEs have access to the capital they need to flourish. The bank’s commitment to fostering sustainable economic growth in Nigeria through the DBN Annual Lecture series was evident in the event’s focus on addressing the challenges facing MSMEs and exploring potential solutions.
