Why DBN Is Strategising To Promote MSME’s In Nigeria.

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By ABUBAKAR YUSUF.

The Developement Bank of Nigeria DBN is matching words with actions to inculcate Micro,Small and Medium Enterprises MSME’s not only as a vocation to advance self reliance inline with the global trend, but as a way of life to total economic independence in Nigeria.

This led to a well thought out and internationally recognised annual lecture in 2021 geared towards opening more vistas and more investments in MSME’s to encourage more activities and participation both from the formal and the informal sectors.

This year’s event,though in line with the protocols of COVID in it’s third wave, was meant to mitigate the growing effects and consequences on Nigerians to chart more interest in small scale businesses.

Since MSME’s is the driving force of major global economies world over,Nigeria will not be an exception to key into through its domestication, so as not to only grow the Gross Domestic Product GDP, ease of doing businesses,control the precarious inflationary rates,but to also grow Nigeria economy into a stable stead.

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This is coming at a time when access to SME funding was at the front burner and addressed with all seriousness it deserved by DBN,to grow individuals initiatives and by implications stabilise the economy of Nigeria.

To further encourage mass participation, DBN recently launched three specialised products that will further boost MSME’s and it’s durability to it’s players in all sectors.

The two way approach had impacted so much on MSME’s particpants through availement and tenor assess to funds provided by the DBN, through it’s Primary Finance Institutions (PFI’s).

The special attention given to MSME’s in this year’s annual lecture was a follow up after three different range of products was launched towards a modest approach to growing the economy, aftermath of the dreadful effects and consequences of COVID and the internal civil strife of Endsars that almost brought to a halt the business activities in Nigeria.

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To mitigate and sustain the MSME’s,the products known as Finance to Finance F2F,Non Interest Bank(NIB), Long Term Product which had five years tenor, while the third is the Long Term Finance Product wih a repayment period of ten years. F2F lending is through the microfinance Banks (MFB’s),cooperatives is tenored with a repayment period of 7 years,so as to grant unfettered access to funds for a longer period of time.

The products was an improvement on direct intervention by DBN,as well as to redouble more participation in MSME’s in view of the special offer by the organization.

The decision is in line the global requirements as it is accessed through the Primary Finance Institutions PFIs with flexible approach and attention.

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With special attention and provisions to the MFB’s, cooperatives and PFIs as the hub of global economic emancipation,the coarse is more clearer that both the growth in economy,reduction in inflationary rates will be addressed and tackled in line with the global best practices.

With proactive management and well versed as well as experienced experts,no doubt MSME’s driven by DBN in Nigeria will be the cynosure for other developed economies to emulate.

Yusuf,A Public Affairs Analyst, Writes From Abuja.




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