Stakeholders commend Fed Govt over license of DBN

Stakeholders have commended the Federal Government for licensing the Development Bank of Nigeria (DBN).

Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) President, Dr. Bassey Edem said the association acknowledged the efforts of the government in finding solutions to other challenges facing Micro Small and Medium Enterprises (MSMEs), adding that the establishment of the will solve many challenges facing MSMEs.

He said empowering players in the MSME sector was the fastest way a nation could achieve sustainable economic growth and development.

Edem called on the Federal Government to sustain its empowerment’s plan for the MSMEs to rejuvenate these enterprises as stipulated by the Economic Recovery and Growth Plan (ERGP).

The NACCIMA boss said MSMEs were the largest employers in the country with the prospect of employing more if supported.

“Ninety per cent of Private Sector Operators (OPS) are in the MSME sector; they are also players in the cottage industries.

“They are confronted daily with numerous challenges which include access to fund, multiple taxation, inefficient power supplies and lack of basic knowledge to start and run a good business,’’ he said.

Lagos Chamber of Commerce and Industry (LCCI) Director-General, Mr Muda Yusuf also commended the Federal Government for licensing the DBN, saying it would have positive impact on the economy.

He said the DBN would complement other Development Finance Institutions (DFIs), such as Bank of Industry (BoI) and Nigerian Export and Import Bank (NEXIM).

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