The Vice President, Kashim Shettima, has lauded the various roles played by the Development Bank of Nigeria Plc (DBN) via its numerous initiatives in catalysing the growth of country’s Micro, Small and Medium Enterprises (MSMEs).
Shettima, who was represented by Dr. Tope Fasua, Special Adviser (SA) to the President on Economic Affairs, described the bank’s achievements since its establishment in 2014 as “significant and far-reaching.’’
In his goodwill message as the Special Guest of Honour at the 5th DBN Annual Lecture, in Abuja, recently, the Vice President said the impact of DBN in facilitating financing for MSMEs and startup businesses included empowering the sector to grow and thrive, as well as boosting job creation and poverty reduction in the country.
“DBN’s achievements are significant and far-reaching. The Bank has provided over N787 billion in loans to over 500,000 Micro, Small, and Medium-Scale Enterprises (MSMEs) across Nigeria.
“This has created jobs, boosted economic activity, and helped to reduce poverty, which aligns with President Bola Ahmed Tinubu’s 8 priority areas of ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption,’’ he stated.
Shettima, while highlighting some of the current administration’s achievements, especially concerning MSMEs empowerment, said these included the signing of two Foreign Direct Investment (FDI) deals worth over half a billion dollars; the launch of Compressed Natural Gas (CNG) Initiative; the distribution of one million conversion kits to commercial vehicles, and the creation of Consumer Credit Corporation with over N200 bil lion.
He added that they also included $620 million under the Digital and Creative Enterprises (IDiCE) programme; the introduction of Skill-Up Artisans Programme (SUPA); the launch of Nigerian Youth Academy (NIYA); the National Youth Talent Export Programme (NATEP); financial support of over N570 billion to the 36 federating states; the construction of 10 MSME hubs resulting in the creation of 240,000 jobs; and payments of N1 billion each to large manufacturers.
The Vice President said other achievements were the new National Minimum Wage signed into law by President Tinubu, raising the minimum wage to N70,000 per month; the removal of tariffs and import duties on essential food items and medical supplies; the distribution of fertilisers and initiation of a project to cultivate over 10 million hectares of land; and increased food production and job creation through agricultural incentive.
He expressed confidence that the deliberations at the 5th DBN Annual Lecture Series would contribute immensely to empowering Nigerian MSMEs in a challenging global landscape.
