By Emma Ujah,  

The Vice President, Kashim Shettima, has expressed Federal Government’s satisfaction with the efforts of Development Bank of Nigeria (DBN) in the past six years building a more diversified and resilient economy by supporting and funding the micro, small and medium enterprises (MSMEs) segment.

Speaking through the Special Adviser to the President on Economic Matters,  Mr. Tope Fashua, at the DBN Lecture Series, the Vee Pee stated: “The bank has developed several innovative financial products and services that are tailored to the needs of underserved communities. This has helped to bring more Nigerians into the formal financial system.

“These achievements align perfectly with His Excellency, President Bola Ahmed Tinubu’s eight priority areas of ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, all of which are tied very closely to the activities of MSMEs,” he stated.

Meanwhile, the Managing Director/Chief Executive Officer of DBN, Dr Tony Okpanachi, speaking at the event highlighted the crucial role of MSMEs in Nigeria’s economic growth, emphasizing their contribution to poverty reduction, employment creation, and shared wealth.

He also noted that leveraging technology within MSME operations could enhance efficiencies, addressing one of the key obstacles to doing business in Nigeria.

He stated: “DBN, as a key advocate for MSME financing and a driver of sustainable development, recognizes the vital role of technology in Nigeria and thus will continue to promote solutions that unlock innovative funding for MSMEs, in a way that finances a sustainable future.

“The Bank will continue to drive creativity that focuses on improving our position on the Ease of Doing Business (EODB) ranking.

“I must state here that at DBN we specifically understand the potential of the IT sector to transform the Nigerian economy, and since 2021, we’ve hosted the annual Techpreneur Summit as a platform to facilitate technopreneurship, enhance their ability to access debt finance and sensitize them on the various types of debt funding available.  

“Through the Techpreneur Summit, DBN continues to provide leadership on efficient fund utilization, business process optimization, product-market fit, mentoring, and ultimately, profitability.” 

Okpanachi described the DBN’s Annual Lecture Series as an advocacy platform for MSME financing in Nigeria, leading the conversation on how technology can drive innovation, resilience, and profitability for MSMEs.

“As a key advocate for MSME financing in Nigeria, DBN continues to lead the pack in providing thought leadership on issues relating to sustainable growth for businesses in the context of the green economy and other broad initiatives,” he added.