Vice President Kashim Shettima has commended the Development Bank of Nigeria (DBN) for its significant contributions to the growth of micro, small, and medium-sized enterprises (MSMEs) in Nigeria. Since 2014, the bank has provided over N787 billion in loans to more than 500,000 MSMEs, helping to create jobs and reduce poverty.
Speaking at the fifth DBN Annual Lecture in Abuja, Shettima, represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, highlighted the bank’s alignment with the Federal Government’s priorities, particularly in ending poverty, promoting economic growth, and ensuring access to capital for MSMEs.
“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 noted.
He also emphasized that DBN’s efforts supported President Bola Tinubu’s agenda of economic inclusivity, finance accessibility, and job creation. Furthermore, the Vice President mentioned that the government had signed foreign direct investment deals worth over $500 million and launched programs aimed at enhancing access to finance and skills for Nigerian youth and small businesses.
DBN’s Managing Director/Chief Executive Officer, Tony Okpanachi, called for further support from both institutions and the private sector to continue promoting MSME growth. He noted that global challenges like inflation and supply chain disruptions were impacting Nigerian businesses, stressing the need for collective efforts to ease financial constraints on MSMEs.
At the event, Fidelity Bank’s Group Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, addressed the challenges faced by MSMEs, while a panel that included the Managing Director of the Rural Electrification Agency, Abba Aliyu, discussed innovative solutions to strengthen the sector.
The discussions at the lecture underscored the critical role MSMEs play in Nigeria’s economy and the ongoing efforts to create a more supportive business environment.
