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From Uche Usim, Abuja
In appreciation of the strategic role of the Micro, Small, and Medium Scale Enterprises (MSMEs) in growing the economy, Development Bank of Nigeria Plc is championing conversations around helping them get better funding and training in resource management.
To this end, the bank recently hosted its second summit in Kano in line with its mandate of providing access to finance to small businesses in Nigeria.
Speaking at the event, the Managing Director of DBN, Tony Okpanachi, said it has become imperative for financial institutions to channel resources towards building the capacity of the MSMEs and ultimately solving the poor access to finance imbroglio.
“This will guarantee their growth and boost the economic potential of this critical sub-sector. So, the summit is one of DBN’s stakeholder engagement strategies aimed at creating awareness around our mandate of providing access to finance, capacity building, and partial credit guarantees to the MSMEs in Nigeria. This is important because they play a crucial role in accelerating economic growth through poverty alleviation, job, and wealth creation.” Okpanachi highlighted that “according to the Nigeria Bureau of Statistics, small and medium-scale enterprises (SMEs) in Nigeria have contributed about 48 percentof the national GDP (Gross Domestic Product) in the last five years. With a total number of about 17.4 million, they account for about 50percent of industrial jobs and nearly 90 percent of the manufacturing sector”.
