Vice President Kashim Shettima, represented by Dr. Tope Fasua, Senior Special Assistant to the President on Economic Affairs, has commended the Development Bank of Nigeria Plc (DBN) for its transformative initiatives that have significantly boosted the growth of Nigeria’s micro, small, and medium enterprises (MSMEs). Shettima hailed the Bank’s achievements since its founding in 2014 as “far-reaching and impactful.”
Delivering his goodwill message as the Special Guest of Honour at the 5th DBN Annual Lecture, held on Wednesday, September 25 in Abuja, Shettima acknowledged DBN’s instrumental role in facilitating access to finance for MSMEs and startup businesses. He noted that the Bank’s efforts have led to job creation, economic growth, and poverty reduction, all of which align with President Bola Ahmed Tinubu’s administration’s priority areas, including economic inclusivity, capital access, and anti-poverty measures.
“DBN has provided over N787 billion in loans to more than 500,000 MSMEs across Nigeria, driving economic activity, reducing poverty, and creating jobs. This supports the administration’s goals of economic growth and social equity,” Shettima stated.
Highlighting the current administration’s achievements in MSME empowerment, Shettima referenced initiatives such as foreign direct investment deals exceeding $500 million, the Compressed Natural Gas (CNG) Initiative, and the distribution of conversion kits to commercial vehicles. He also noted support programs like the Digital and Creative Enterprises (IDiCE) project, which has attracted $620 million, and the Skill-Up Artisans Programme (SUPA), among others.
He emphasized that the administration’s efforts to raise the national minimum wage to N70,000 per month, coupled with the removal of tariffs on essential goods and increased support for agriculture, were driving national development. Shettima expressed optimism that discussions at the 5th DBN Annual Lecture would further strengthen the role of MSMEs in Nigeria’s economy.
Dr. Tony Okpanachi, Managing Director/CEO of DBN, in his opening remarks, urged greater collaboration between the government, financial institutions, and other stakeholders to support MSMEs. He emphasized the challenges MSMEs face, including inflation, exchange rate instability, and global supply chain disruptions, urging all sectors to work creatively to overcome these obstacles.
“MSMEs are the backbone of Nigeria’s economy. While they are often overlooked, they play a critical role in job creation and innovation. We must rally together to support their growth, which is key to Nigeria’s prosperity,” Okpanachi said.
The DBN Annual Lecture, first launched in 2019, serves as a key platform for generating solutions to challenges facing MSMEs. This year’s theme, “Empowering Nigerian MSMEs in a Challenging Global Landscape,” attracted industry leaders and financial experts who explored strategies to unlock the potential of MSMEs amid global economic uncertainties.
In the keynote address, Dr. Nneka Onyeali-Ikpe, Group Managing Director/CEO of Fidelity Bank Plc, discussed the opportunities and challenges for MSMEs in Nigeria. The event also featured a distinguished panel, including Abba Abubakar Aliyu, Managing Director/CEO of the Rural Electrification Agency (REA), and other notable industry leaders.
DBN’s ongoing initiatives, which include providing financing and partial credit guarantees to MSMEs through financial intermediaries, were also highlighted by Okpanachi, who reiterated the Bank’s commitment to ensuring that small businesses have access to the capital needed to thrive. He praised the collaboration with Participating Financial Institutions (PFIs) and underscored the annual lecture’s role in fostering dialogue on the challenges MSMEs face.
“Through these engagements, we not only recognize the vital role of MSMEs but also explore practical solutions to help them navigate complex socio-economic challenges. Together, we can build a thriving MSME sector that contributes to Nigeria’s economic sustainability,” he concluded.
