October 06, (THEWILL) – Stakeholders and industry experts have applauded the role of the Development Bank of Nigeria (DBN) in providing a forum for exchange of ideas among operators of micro, small and medium enterprises (MSMEs).
They maintain that such avenues provide the necessary window to identify problems bedeviling the MSME sector and articulate solutions for them.
These views were expressed by stakeholders who spoke to THEWILL on the recently concluded DBN’s annual lecture held for MSMEs in Abuja.
Mr Jonas Okunuga, a poultry farmer, said MSME operators need adequate knowledge of their business and the environment to succeed, adding that finance is not the only critical success factor in their activities.
“While every business requires capital in the form of money, equipment or material, the knowledge of the business and what is happening in the macroeconomic space is important. That is why I urge every entrepreneur to expose himself to modern techniques of business administration, including managing money, men and material”, Okunuga said.
Mike Ikeokwu, a vehicle spare parts dealer, noted that the days of bragging with the capacity of being a hustler are over. He said, “in the past, people brag that they are hustlers, and that they made it through hustling. All that is changing now. These days, you need knowledge and adequate information about what concerns you, your business, your environment, even your country, to do a successful business.”
“If Development Bank of Nigeria is providing financial support and adding knowledge to it, then they are doing the right thing, not like the other banks whose interest is the high interest they impose on people that borrow from them,” he said in a chat with THEWILL.
In his opening remarks at this year’s annual lecture, DBN’s Managing Director/CEO, Dr Tony Okpanachi, called for increased support from key institutions in Nigeria, including the government and the financial services sector, to boost the growth of the MSMEs.
He stressed the critical role MSMEs play in Nigeria’s economy, underscoring the need for more concerted efforts in alleviating the financial constraints and other challenges facing MSMEs and small businesses in Nigeria.
“As Nigeria’s primary development finance institution, we at DBN recognise that the current global economic climate presents a formidable challenge to MSMEs, particularly in Nigeria where rising production costs, inflation, unstable exchange rates, and disruptions in the global supply chain affect output,’’ he stated.
Since its inception in 2019, the DBN Annual Lecture has served as one of the numerous initiatives by the Bank to stimulate an enabling environment for MSMEs to thrive, particularly amidst global, regional and national socio-economic and political headwinds.
This year’s event, themed “Empowering Nigerian MSMEs in a Challenging Global Landscape,” brought together top industry leaders and financial experts to discuss strategies to empower MSMEs in Nigeria.
Dr. Okpanachi commended the federal government for its ongoing initiatives to create an enabling environment for MSMEs. However, he reiterated the need for continued collaborative efforts. “More can still be done. We all must support the government’s efforts by working together creatively and implementing innovative strategies to empower MSMEs and unlock their full potential”, he said.
By establishing loan guarantee schemes, allocating funds for innovative startups, providing targeted tax breaks, and investing in essential infrastructure, we can create a conducive environment for MSMEs to grow.
The Vice President, Senator Kashim Shettima in his remark also commended the Development Bank of Nigeria P (DBN) for its laudable impact on the MSMEs.
In his goodwill message as the Special Guest of Honour, the Vice President, Senator Kashim Shettima, said the impact of DBN in facilitating financing for MSMEs and startup businesses includes empowering the sector to grow and thrive, as well as boosting jobs’ creation and poverty reduction in the country.
“DBN’s achievements are significant and far-reaching. The Bank has provided over N787 billion in loans to over 500,000 Micro, Small, and Medium-Scale Enterprises (MSMEs) across Nigeria.
“This has created jobs, boosted economic activity, and helped to reduce poverty, which aligns with President Bola Ahmed Tinubu’s 8 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,’’ he stated.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
