DBN, GIZ Launch Initiative to Boost MSMEs Financing

The Development Bank of Nigeria (DBN) in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched an innovative MSME Equipment Leasing Initiative aimed at strengthening financing options for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

In his opening remarks, the Chief Operating Officer, Development Bank of Nigeria, Bonaventure Okhaimo, described the programme as a game-changer for alternative financing options for MSMEs who are the bedrock of Nigeria's economic growth.

“This initiative that we have successfully launched today is expected to have a profound impact on the MSME ecosystem, which is a critical driver of economic growth, job and wealth creation in our country,” Okhaimo said.

Head of Programme, GIZ Nigeria/SEDIN, Markus Wauschkuhn, while speaking at the launch, said MSMEs in Nigeria constitute a significant portion of the economy, and their importance to the economy cannot be overstated.

“In Nigeria MSMEs play a pivotal role in propelling economic growth, contributing to job creation, innovation, and sustainable development, and they serve as the backbone of the Nigerian economy with huge contributions to her GDP,” Wauschkuhn said.

Executive Secretary/CEO, Equipment Leasing Association of Nigeria, Andrew Emonuwa, lauded DBN and GIZ for creating such an initiative at a critical time where small businesses are struggling to stay afloat in the face of current economic realities.