DBN will function as catalyst for SMES growth- Adeosun

The Minister of Finance, Mrs. Kemi Adeosun on Monday, disclosed that the Development Bank of Nigeria (DBN) is being positioned to galvanise the Small and Medium Scale Enterprises sector for the overall development of the nation’s economy.

The Minister, who spoke during a Board/Management/Development partners’ retreat of the DBN in Abuja also assured the Board that the Federal Government is ready to provide support for the new development financial institution, but assured that there won’t be any political interference whatsoever.

The Minister also disclosed that the operating licence for DBN is expected imminently.

According to her, 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.

She explained that 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).

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

She stated that the Finance Ministry is in discussion with the Central Bank of Nigeria to use the Development Bank as a vehicle for any of its subsequent SMEs intervention.