Empowering SMEs key to nation’s economic growth—GTBank boss, Agbaje
The Managing Director and Chief Executive Officer of Guaranty Trust Bank plc (GTB), Segun Agbaje, has argued that the best way to catalyse the ailing economy is to empower Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Speaking during the recent partnership deal between GTbank and Development Bank of Nigeria (DBN) which saw the flag of disbursement of N25 billion funding to entrepreneurs in Nigeria, he averred that “Empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.”
Agbaje added further that “As a Bank that is passionate about Promoting Enterprise, we will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity, grow revenue and connect with consumers and business experts from around the world.”
Business Hilights gathered that the funding, coming on a single largest disbursement by the DBN to select partnering financial institution in Nigeria since it commenced operations, is also in line with GTBank’s long-term commitment to growing Small and Medium Enterprises (SMEs) in the country.
Recall that the Development Bank of Nigeria (DBN) was set up by the Federal Government as a wholesale development finance institution (DFI) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. According to available statistics, last year, DBN disbursed a total of N31.364 billion to 35,000 borrowers through Participating Financial Institutions (PFIs), but expected to grow significantly following the N25 billion funding partnership with GTBank with the bank’s focus on creating greater access to credit for small businesses.
