By Yinka Kolawole

Development Bank of Nigeria (DBN) is set to commence a lecture series in furtherance of its commitment to boost the drive for funding of micro, small and medium enterprises (MSMEs) in Nigeria.

The maiden edition of the lecture series, a thought leadership initiative, is scheduled to take place at Transcorp Hilton Hotel, Abuja on July 29, 2019. It is aimed at providing a platform for a robust exchange of ideas to meet the challenges and opportunities that exist in the MSME segment of the economy.

Managing Director, DBN, Mr. Tony Okpanachi, said that the lecture series is one of the ways to further strengthen the economy by ensuring that MSMEs are adequately empowered to continually contribute effectively to the Gross Domestic Product (GDP) of the nation.

He stated: “MSMEs in any clime are the backbones for inclusive economic growth. In advanced economies, small businesses have been seen to be the driving force in achieving growth in all sectors of the economy they operate.”

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According to him, the central objective is to broaden the understanding of the challenges and critically examine practical steps to resolve some of the obstacles that constrain growth within the segment.

DBN is a wholesale bank that was conceived by the Federal Government of Nigeria in collaboration with global development partners to address the major financing challenges facing MSMEs in Nigeria. The bank lends to Participating Financial Institutions (PFIs) – Microfinance banks, Commercial banks, existing retail DFIs and leasing companies who in turn lend to MSMEs.

DBN’s objective is to alleviate financing constraints faced by MSMEs in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

Vanguard