The recent 45% increase in petrol price has sparked concerns about the impact on micro, small, and medium enterprises (MSMEs), which are already struggling with inflation and economic challenges. The Development Bank of Nigeria (DBN) has pledged to increase its support for MSMEs, providing financial assistance and training programs to help them navigate the difficult economic landscape.
*MSMEs Face Perfect Storm*
The petrol price hike has worsened the energy crisis, leading to increased transportation costs, high cost of living, and inflation. Many businesses have shut down, and MSMEs, which contribute over 50% to Nigeria’s GDP, are the worst affected.
*DBN’s Intervention*
The DBN, established to address financing challenges faced by MSMEs, has been consistent in providing financial support. Recently, it secured N25 million from KFW Development Bank of Germany to support MSMEs and boost renewable energy sectors.
*Capacity Building Initiatives*
The DBN has empowered over 4,000 MSMEs through training initiatives and has launched the 2024 DBN Entrepreneurship Training Programme to equip MSMEs with necessary tools to thrive.
*Call for Government Support*
Industrialists and experts have urged the government to support DBN in its intervention role, ensuring MSMEs receive necessary assistance to survive the economic challenges.
*Upcoming Capacity Building Forum*
The DBN plans a capacity building forum on September 25, themed “Empowering Nigerian MSMEs in a challenging global landscape,” to provide support and guidance to MSMEs.