MSME - Funding, Lending & Credit | |
MSME - Funding, Lending & Credit | |
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Friday, November 01, 2019 / 6:50 PM / DBN / Header Image Credit: @DevBankNG
The Managing Director of Development Bank of Nigeria, DBN, Mr. Anthony
Okpanachi, has pledged to support Micro, Small and Medium Enterprise
Development in the North-East region.
Mr. Okpanachi disclosed this at the DBN MSME that was hosted recently in
Maiduguri, the capital of Borno state.
Okpanachi assured that the Development Bank would support the
rejuvenation of North-Eastern city to its blooming commercial status, which has
been devastated by insurgency in the last decade.
The DBN boss said over N100bn has been
disbursed this year to over 95,000 MSMEs across various sectors of the economy.
Keynote speaker at the event Mr. Ibrahim
Boyi, the MD/CEO of Peugeot Automobile Nigeria, called for stakeholders support
for Micro, Small and Medium Scale Enterprises (MSMEs) describing them as having
the capacity to absorb the nation's growing workforce.
He also noted that the current supply
of credit of about $3.7trillion is low compared to the $8.9 trillion potential
demand for MSME financing.
The automobile group boss noted that
the sector (MSMEs) had made a total employment contribution of over 60 million
persons, and if given the needed support, funding and enabling environment
would do more.
According to him, "There are five major
economic sectors that have thrived within the MSME sector in Nigeria, these are
Wholesale/Retail Trade; Agriculture; Other Services; Manufacturing,
Accommodation & Food Services. These sectors have made a total employment
contribution of about 60 million persons, while 10 million persons from these
statistics do not have Western Education".
He said that quick implementation of
innovative ideas would set MSMEs apart; Boyi enjoined participants at the
summit and MSMEs, in general, to formalize their operations to help them
position to receiving the necessary support needed to scale up their
businesses.
Boyi and Okpanachi both agreed that "MSME business owners need to get their businesses structured with bankable business plans."
The perceived absence of a bankable
business plan and structure is responsible for their classification as high
risk by banks and thereby limiting their access to finance.
Panel discussants at the summit
included Romoke Adebo, Founder/CEO, Epicentre Global Events Limited;
RilwanHassan, Executive Secretary, Kaduna State Scholarships and Loans Board;
FantisMohammed, Founder, Santis Foods and Beverage Limited and Ibrahim Balami,
MD/CEO, IBBA 36 Global Concept.
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