Shettima commends DBN over N787bn MSME loans

The Vice President, Kashim Shettima, has lauded the Development Bank of Nigeria for its contributions to the growth of micro, small, and medium enterprises in Nigeria.

 In a statement made available to our correspondent on Sunday, Shettima commended the bank for providing over N787bn in loans to more than 500,000 MSMEs since 2014, a move that has boosted job creation and poverty reduction.

 Speaking at the fifth DBN Annual Lecture held in Abuja, the Vice President, represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, noted that the bank’s impact on MSMEs aligned with the Federal Government’s priorities of ending poverty, promoting economic growth, and ensuring access to capital.

 “DBN’s achievements are significant and far-reaching. The bank has provided over N787bn in loans to MSMEs across Nigeria, creating jobs and boosting economic activity,” Shettima stated.
 He highlighted that DBN’s initiatives supported President Bola Tinubu’s agenda of economic inclusivity, access to finance, and job creation.
 The Vice President also touched on the government’s ongoing efforts to empower MSMEs, mentioning the signing of foreign direct investment deals worth over $500m and the launch of several programmes aimed at improving access to finance and skills for Nigerian youth and small businesses.

 The Managing Director/Chief Executive Officer of DBN, Tony Okpanachi, emphasised the need for more support from institutions and the private sector to further aid the growth of MSMEs.
 He pointed out that the current global economic challenges, such as inflation and disruptions in supply chains, were affecting Nigerian businesses, calling for collaborative efforts to alleviate financial constraints on MSMEs.

 The keynote speaker, the Group Managing Director/CEO of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, highlighted the challenges MSMEs faced, while a panel comprising the Managing Director of Rural Electrification Agency, Abba Aliyu, and other industry leaders explored innovative solutions for the sector.