The Vice President of Nigeria, Kashim Shettima, has commended the Development Bank of Nigeria Plc (DBN) for its pivotal role in fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. Shettima, represented by Dr. Tope Fasua, Special Adviser on Economic Affairs, made these remarks during the 5th DBN Annual Lecture held recently in Abuja.
In his goodwill message as the Special Guest of Honour, Shettima described DBN’s achievements since its inception in 2014 as “significant and far-reaching.” He emphasized the bank’s success in facilitating financing for MSMEs and startups, which has empowered the sector to thrive, create jobs, and reduce poverty in Nigeria.
“DBN has provided over N787 billion in loans to more than 500,000 MSMEs nationwide. This has not only generated jobs but has also boosted economic activity and contributed to poverty alleviation, aligning with President Bola Ahmed Tinubu’s eight priority areas,” he stated.
Shettima also highlighted the current administration’s efforts to empower MSMEs, including the signing of two Foreign Direct Investment (FDI) deals worth over half a billion dollars, the launch of a Compressed Natural Gas (CNG) Initiative, and the distribution of one million conversion kits to commercial vehicles. Additionally, he mentioned the establishment of the Consumer Credit Corporation with over N200 billion in funding.
Other notable initiatives include $620 million allocated under the Digital and Creative Enterprises (IDiCE) programme, the introduction of the Skill-Up Artisans Programme (SUPA), and the launch of the Nigerian Youth Academy (NIYA) and the National Youth Talent Export Programme (NATEP). The administration has also provided over N570 billion in financial support to the 36 states and constructed 10 MSME hubs, resulting in the creation of 240,000 jobs.
Shettima further noted the implementation of a new National Minimum Wage, which has been raised to N70,000 per month, the removal of tariffs on essential food items and medical supplies, and initiatives aimed at increasing food production and job creation through agricultural incentives.
He expressed optimism that the discussions at the 5th DBN Annual Lecture would significantly contribute to empowering Nigerian MSMEs amid a challenging global economic landscape.