DBN assures commitment towards addressing financial challenges of MSMEs – MD

The Managing Director of Development Bank of Nigeria (DBN) Mr Tony Okpanachi says MSMEs in Nigeria is playing  a crucial role in economic growth, poverty eradication, employment  and wealth creation in the Country.

Mr Okpanachi made the disclosure at the Opening Ceremony of DBN Summit held in Kano.

The MD maintained that is why DBN decided to chose  Kano for the summit,  being the  commercial hub for Northern Nigeria with alot of people having interest in doing business but lacked the necessary  Capital to fully developed their businesses. 

He said the state plays host to several sectors including agriculture, transport, and logistics, tourism & hospitality, textile, leather, and solid minerals to mention but a few which goes to underscore the importance of why we are here today. 

” the Nigeria Bureau of Statistics, small and Medium-scale enterprises (SMEs) in Nigeria have contributed about 48% of the National GDP (Gross Domestic Product) in the last five years. With a total number of about 17.4 million, they account for about 50% of industrial jobs and nearly 90% of the manufacturing sector.”

Tony Okpanachi said  it a well known fact that significant growth has been achieved in the MSME sector, there is still much to be done. Although Kano plays a major economic role in the northern business terrain and the challenges that MSMEs have to contend with are not different from those faced internationally. 

” it  is  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.”

The MD said that this year, we are in Kano, the Commercial Capital of Northern Nigeria, and will be discussing the theme  ‘The Role of Development Banks in Inclusive Financing’, which speaks directly to DBN’s commitment, as a financial institution, towards providing a conducive environment for MSMEs to thrive in the Country. 

Okpnachi said the theme of this summit is apt as it will avail us with  the opportunity to interact and better understand the problems facing entrepreneurs within Kano and the northern region especially as it relates to the role of development finance in addressing the financial constraints faced by MSMES.

In their separate remarks the Kano state governor Dr Abdullahi Umar Ganduje who was repreebted  by the Head of Service and Acting Chief of Staff to the governor  Alhaji Usman Bala Mohammed mni,  and Chairman of Dantata foods Alhaji Tajudeen Aminu Dantata who delivered a keynote address called on the participants to fully harnessed the opportunity brought to them by DBN so as to boost their businesses.

” Entrepreneurs are the ones  contributing  towards the economic viability of the Country and the government will do everything possible .

The ceremony was attended by MSMEs, and other stakeholders.