DBN Allocates N734 Billion Loans for Digital Drive to Transform MSMEs

DBN Allocates N734 Billion Loans

The Development Bank of Nigeria (DBN) has made substantial strides in empowering Micro, Small, and Medium Enterprises (MSMEs) by allocating over N734 billion in loans, benefiting more than 405,000 businesses. In its six years of existence, the bank has not only provided financial support but has also played a pivotal role in job creation, contributing to over 900,000 employment opportunities.

Moving beyond financial assistance, DBN is actively encouraging MSMEs to embrace digital technology to enhance their operations and foster growth. The theme of DBN’s 4th Annual lecture series, “A DIGITAL NIGERIA: Leveraging Technology to Improve Ease of Doing Business for MSMEs,” underscores the importance of digital transformation for MSMEs to remain relevant in today’s dynamic business environment.

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Recognizing the significance of technology adoption, Shehu Yahaya, the Chairman of DBN, emphasized the bank’s commitment to supporting MSMEs in integrating digital technologies through financing initiatives and capacity-building programs. The goal is to harness Nigeria’s entrepreneurial spirit and propel the economy towards sustainable growth.

Achieving a digital Nigeria requires collaborative efforts between the public and private sectors. Government institutions need to create conducive policies and invest in digital infrastructure, while the private sector, especially technology companies, should innovate solutions tailored to Nigerian businesses.

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Kashifu Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), stressed the role of digitalization in driving economic growth and enhancing the ease of doing business for MSMEs. Government initiatives include facilitating online business registration and establishing a legal framework for investments in digital public infrastructure.

Digital transformation offers various benefits, including reduced transaction costs, increased flexibility, speed, and income-generating opportunities for small businesses. MSMEs resisting technological advancements risk limitations in scalability, market reach, operational efficiency, profitability, and competitiveness.

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DBN’s Managing Director/CEO, Tony Okpanachi, highlighted the transformative impact of the internet on human interaction and commerce. Despite challenges in internet penetration in Nigeria, DBN remains committed to promoting innovative funding solutions for MSMEs and driving creativity to improve the country’s standing in the Ease of Doing Business ranking. Through initiatives like the Annual Lecture Series and the Techpreneur Summit, DBN continues to lead conversations on innovation, resilience, and profitability for smaller businesses in the context of emerging technologies.

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