Development Bank of Nigeria (DBN) held its maiden Micro, Small and Medium Enterprises summit in Maiduguri last Tuesday, announcing that it has disbursed N100 billion to over 95,000 MSMEs across various sectors of the economy since it commenced lending operations in 2017.
Managing Director/CEO of the bank Tony Okpanachi, said 70 percent of the loans were to women-owned and women-managed businesses with 51 percent youth owned.
He said in the insecurity-ravaged North East, the bank had, in the last two years, disbursed N300 million to about 1000 MSMEs, which he described as relatively low.
The MD said the decision to hold the first summit in Maiduguri was, therefore, “to continue to strengthen and deepen our reach in this part of the country in order to ensure no community is left behind.”
“Before the outbreak of the insurgency, over a decade ago, Borno State had a reputation as one of the thriving nerve centres of the North East, owing to the strength of its commercial, trading and export potential. It was truly an ecosystem where MSMEs thrived,” Okpanachi stated.
He said the Chief Operating Officer of the bank would work with relevant departments within the bank to put together an immediate, capacity-building plan that would involve assembling a number of MSMEs in the state to make them grow an extensive capacity-building programme.
“We shall work with the Borno State Renaissance Microfinance Bank (when it becomes fully operational) to explore the possibility of providing wholesale lending to them for MSMEs in the state,” he assured.
Mr. Okpanachi also spoke on developing the IDPs as businessmen and women, saying, “we know very well that before they became IDPs a lot of them were in business; it is the challenge of the environment that made them IDPs.
“We will, therefore, build their capacity and empower them by providing access to finances to enable them go back to their businesses,” he assured.
Governor Babagana Zulum, represented by his Chief of Staff, Engr Babagana Wakil, expressed the state government’s commitment to providing enabling environment for the setting up and revitalization of industries and commerce as well as investments in science and technology.
He said the government would employ MSMEs in all its efforts at turning the economy of the state around.
The summit brought together leaders of thought, scholars, entrepreneurs, policy makers, regulators, corporate titans and development enthusiasts across the North East.
