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Adeosun hints on how DBN’ll deepen activities of SMEs in economic diversification

Indications have emerged that the Development Bank of Nigeria (DBN) will serve as strategic catalyst in the growth of Small and Medium Enterprises (SMEs) in Nigeria going by the structure and template the bank is coming with. The Finance Ministry is in discussion with the Central Bank of Nigeria (CBN) to use the Development Bank of Nigeria as a vehicle for any of its subsequent SMEs intervention even as the operating licence for the DBN is expected soon.

These disclosures were made Monday by the Minister of Finance, Mrs. Kemi Adeosun in Abuja while addressing participants at the Board/Management/Development partners’ retreat of the bank.

Just as she assured the Board of Federal Government’s readiness to provide support for the new development financial institution, the minister vowed there won’t be any political interference whatsoever.

She noted that the present administration is aware of the role of SMEs in nation building, hence the resolve to position DBN as a catalyst for the development of the SMEs.

Currently, Nigeria’s financing of MSMEs lagged significantly behind other countries, including Brazil (63 per cent), Ghana (36 per cent), China (30 per cent), Kenya (24 per cent) and South Africa (21 per cent).

Besides, DBN will provide financial support to microfinance banks, which will in turn develop specific products for specific markets.

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