..As Dantata commends CBN, DBN efforts

Emma Ujah, Abuja Bureau Chief

The Managing Director (MD) of the Development Bank of Nigeria Plc (DBN) Mr. Tony Okpanachi, has said that providing financial access for Micro, Small, and Medium Enterprises (MSMEs) in the country was critical for the economic growth.

He was quoted as saying that with about 17.4 million MSMEs contributing 48% of the nation’s Gross Domestic Product (GDP) in the last five years, providing  about 50% of industrial jobs and nearly 90% of the manufacturing sector, the sub-sector could not be ignored.

According to the bank, in a statement, yesterday, the MD told operators at a just concluded MSMEs summit in Kano, “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.”

“It has become imperative for us to pull resources together and channel collaborative efforts towards building the capacity of the MSMSE as a way of revitalizing their operations to address the challenge of access to finance.

“This will guarantee their growth and boost the economic potentials of this critical sub-sector.”

Mr. Okopanachi noted that although significant growth has been achieved in the MSME sector, there was still much to be done.

Challenges faced by the sub-sector, according to him, included obtaining finance, finding customers, and infrastructure deficits, adding, “It is therefore pertinent for us as a Bank to champion the conversation on how MSMEs can win despite these challenges, by exposing ways through which MSMEs can benefit from our sustainable financial offerings”.

Besides providing access to finance, the DBN boss assured that his organization would continue to build capacity among operators of the MSMEs sub-sector in the country.

In his keynote address, Alhaji Tajudeen Dantata, the Chief Executive Officer (CEO) of Dantata Foods, applauded the DBN and its Participating Financial Institutions (PFIs) for their roles in providing sustainable MSMEs financing in the country.

This he emphasized, will complement the efforts of the Central Bank of Nigeria, in that regard.

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