The Development Bank of Nigeria (DBN) yesterday brought together stakeholders in the Micro, Small and Medium Scale Enterprises (MSMEs) in Kano and other North West states together to brainstorm on ways to address the major financial challenges confronting the sector.
Speaking at the event, the MD/CEO of the bank, Dr Tony Okpanachi stressed that with the crucial role MSMEs play in the economic growth, poverty reduction, employment creation and shared wealth creation in the country, the federal government in collaboration with global development partners set up the bank to bridge the gap between players in this sector and access to capital.
He said the theme of the summit: “The role of development banks in inclusive financing” speaks directly to DBN’s commitment to providing a conducive environment for MSMEs to thrive.
“The bank will continue to work towards building the capacity of MSMEs by eliminating the financial constraints faced by this critical sector of the economy and transforming them into instruments of positive and sustainable change,” he added.
On his part, Kano State Governor, Abdullahi Umar Ganduje said it was apt that the summit coincided with the Kano State Development Plan, which aims to accelerate the state’s industrial growth with the support and development of MSMEs.
Represented by the state’s Head of Civil Service, Usman Bala, the governor said “Kano’s aspiration to become a highly competitive economy will remain unfulfilled if we do not create a financial-sensitive environment that is conducive for businesses to thrive.”
The keynote speaker, Alhaji Tajudeen Dantata, Chairman/CEO of Dantata Foods, said DBN and MSMEs have a symbiotic relationship in that while the latter needs capital for sustainable growth and development, the former has been tailored to provide such capital.
While outlining the challenges that hinder MSMEs from achieving their goal including inconsistency in government policies, multiple taxes and access to finance at a reasonable cost, Dantata noted that the DBN must provide the much needed leadership role for inclusive finance for MSMEs.
