In a quest to accelerate the call for sustainable financing of Micro, Small, Medium Enterprises (MSMEs), the Development Bank of Nigeria (DBN) is set to debut its Lecture Series at the Congress Hall, Transcorp Hilton Hotel, Abuja on Monday, July 29, 2019.
Speaking on the lecture series, the Managing Director of DBN, Tony Okpanachi said the lecture series is one of the ways to further strengthen the economy by ensuring that MSMEs are adequately empowered to continually contribute effectively to the Gross Domestic Product (GDP) of the nation.
“MSMEs in any clime is the backbone for inclusive economic growth. In advanced economies, small businesses have been seen to be the driving force in achieving growth in all sectors of the economy they operate.”
What you should know: The lecture series is a thought leadership initiative of the DBN, which provides a platform for a robust exchange of ideas to meet the challenges and opportunities that exist in the MSMEs segment of the economy.
Why this matters: The role of MSMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Economic wealth all over the world is created through enterprises and the expansion of their output.
MSMEs contribute to the economy by creating value through the production of goods and services, thus enhancing the gross domestic product. They also generate employment by creating much-needed jobs in the economy, as well as expanding the export sector largely through linkages with large firms that produce for the foreign sector.
Lack of adequate funding has been one of the major challenges facing Nigerian SMEs. For a long time, entrepreneurs have lamented the lack of adequate provision of credit facilities. It is, therefore, a good thing that something is finally being done about the situation.