The Development Bank of Nigeria (DBN) is partnering with Jaiz and Taj Banks to provide non-interest medium/long-term loans for Micro, Small, and Medium-Sized Enterprises (MSMEs) in the North.
Dr Tony Okpanachi, Managing Director, DBN, said this at a stakeholders’ conference organised by Kano Concerned Citizens Initiative, in collaboration with the bank.
He said that empowerment and capacity building of MSMEs would address the challenges confronting MSMEs in Kano, Jigawa and the North as a whole.
“For a commercial centre such as Kano, it is important to build ecosystems that will keep sustaining all businesses and families that depend on it.
“It is about the youthful population and what we can do is to keep them engaged, that’s why the theme, ‘Rise of commercial activities from our youths’, fits perfectly with what we stand for at DBN,” he said.
The DBN boss said that the bank hosted its second annual MSMEs summit in Kano in collaboration with the state government, and it helped the bank to further cement its key value proposition within the North.
According to him, the bank is back in the state and holds the power to shape destinies, alter trajectories, and create a brighter future for the young people of Kano and Jigawa states as well as the North in general.
“Our mission is not merely financial, but deeply rooted in the belief that sustainable development is the cornerstone of a prosperous society.
“Through the conversations today, we will reaffirm our commitment to catalyse change, ignite hope, and bridge the financial divide that has held back the potential of this region for too long,” he said.
According to Okpanachi, the bank has lent over N600 billion to eligible financial intermediaries since its inception.
He noted that apart from lending, DBN anchors capacity building for MSMEs through various initiatives, including the yearly entrepreneurship training programme, where thousands of MSMEs operators were trained on the nitty-gritty of running businesses better.
Earlier, Chairman of the Northern Chamber of Commerce, Alhaji Dalhatu Abubakar, said that Northern businesses were battling with challenges arising from unabated inflation, foreign exchange, and the cost of raw materials.
According to Abubakar, the situation is worsening because businessmen cannot access loans from financial institutions, due to exorbitant interest rates and cumbersome procedures.
Also speaking, the Director-General, Dangote Business School, Prof. Murtala Sagagi, said that MSMEs remained critical enablers of national socio-economic growth.
He also called for a bridge of identified financing gaps hindering the growth of MSMEs in the North.
He urged DBN to interface and collaborate with state governments, entrepreneurship development centres, business organisations, and higher institutions among others, to build the capacity of MSMEs in Kano and Jigawa states.