DBN To Empower Msmes With N100bn

Development Bank of Nigeria has said it will empower Micro, Small and Medium Enterprises segment with N100bn before the end of 2019. In a statement, the Chief Economist, DBN, Prof Joseph Nnanna, disclosed this at the fifth edition of the Refined Economic Development quarterly lecture at the University of Abuja. 

In his presentation titled, ‘Contemporary strategies for financial inclusion and prosperity in Nigeria,’ Nnanna reiterated that MSMEs were the backbone of any economy, considering the fact that the segment made up over 90 per cent of all firms and accounted for an average of 60 to 70 per cent of total employment, and roughly 50 per cent of Gross Domestic Product of Nigeria. It stated that a 2018 survey by the International Finance Corporation showed that only 31 per cent of MSMEs in Nigeria had ever obtained a loan from a financial institution, commercial or micro finance bank.

(Punch)