The Development Bank of Nigeria (DBN) in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched an innovative Micro, Small and Medium Enterprises (MSME) Equipment Leasing Initiative.
This initiative is aimed at strengthening financing options for MSMEs in Nigeria, a statement by media consultant to the bank said.
The statement hinted that this collaborative effort marked a crucial step towards fostering economic growth and resilience within the nation’s vibrant small business sector.
The event was held at DBN’s Lagos Office and had in attendance key representatives from DBN, GIZ, Equipment Leasing Association of Nigeria (ELAN), financial institutions, MSME owners, and media professionals.
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Bonaventure Okhaimo, Chief Operating Officer (CEO), DBN, 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.
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“By facilitating easier access to essential equipment, DBN and GIZ are directly addressing one of the major hurdles faced by small businesses, thereby enhancing their competitiveness and capacity for innovation,” he stated.
He also said that by partnering with GIZ and ELAN, DBN was not only providing financial solutions, but also contributing to the overall growth and sustainability of small businesses in Nigeria.
Markus Wauschkuhn, Head of Programme, GIZ Nigeria/SEDIN while speaking at the launch said that MSMEs in Nigeria constituted 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. They serve as the backbone of the Nigerian economy with huge contributions to her GDP.
“Our partnership with DBN underscores our shared commitment to empowering these small businesses and enhancing their access to crucial financing options. By focusing on equipment leasing, we aim to unlock new possibilities for businesses to invest in cutting-edge technologies and boost their productivity,” he stated.
On his part, Andrew Emonuwa, the Executive Secretary, Equipment Leasing Association of Nigeria (ELAN), 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.
“I must commend the Development Bank of Nigeria and its partners for coming up with such a creative concept. We are so excited about this initiative, because it will deepen the penetration of leasing for MSMEs and reshape the economy for sustainable growth,” he said.
