VP Shettima Commends DBN Achievements, Says They Are Significant, Far-Reaching

Senator Kashim Shettima, Nigeria’s Vice President, has described the achievements of the Development Bank of Nigeria (DBN) Plc as significant and far-reaching since its inception.

Shettima made the commendation earlier this week in Abuja during his goodwill message as the Special Guest of Honour at the fifth DBN Annual Lecture.

Shettima, who was represented at the event by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, stated that the bank had achieved numerous initiatives since its inception in 2014, catalysing the growth of Nigeria’s Micro, Small, and Medium Enterprises (MSMEs).

He emphasised that the bank had facilitated financing for MSMEs and startup businesses, allowing the sector to grow and thrive while also increasing job creation and poverty reduction in the country.

He stated, “DBN’s accomplishments are significant and far-reaching.” The bank has loaned over N787 billion to over 500,000 MSMEs in Nigeria.

“This has created jobs, increased economic activity, and helped to reduce poverty, which is consistent with President Bola Ahmed Tinubu’s eight priority areas of poverty eradication, 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.”

Shettima highlighted the administration’s achievements in empowering MSMEs, including signing two FDI deals worth over $500 million, launching the Compressed Natural Gas (CNG) Initiative, distributing one million conversion kits for commercial vehicles, and establishing the Consumer Credit Corporation with over N200 billion.

He also mentioned the $620 million under the Digital and Creative Enterprises (IDiCE) programme, the introduction of the Skill-Up Artists Programme (SUPA), the launch of the 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, which resulted in the creation of 240,000 jobs, and payments of N1 billion each to major manufacturers.

Dr. Tony Okpanachi, Managing Director of DBN, in his opening remarks called for increased support from key institutions in Nigeria, including the government and the financial services sector, to boost MSMEs’ growth.

He emphasised the critical role MSMEs play in Nigeria’s economy, emphasising the need for more coordinated efforts to alleviate financial constraints and other challenges that MSMEs and small businesses face in Nigeria.