The Minister of Finance, Mrs Kemi Adeosun, says the Development Bank of Nigeria (DBN) will give a necessary fillip to the Small and Medium Scale Enterprises sector for the overall development of the nation’s economy.
The minister said on Monday in Abuja that the Federal Government was ready to provide support for the new financial institution.
The minister made this known at a meeting with the Board and Management of the DBN.
Adeosun assured the board that there won’t be any political interference whatsoever with the activities of the organisation.
According to the minister, the operating licence of the DBN is expected to be issued very soon.
“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 said.
She explained that currently, Nigeria’s financing of MSMEs lagged significantly behind other countries such as Brazil 63 per cent, Ghana 36 per cent, China 30 per cent, Kenya 24 per cent, and South Africa 21 per cent.
Adeosun said that DBN would provide financial support to microfinance banks, which would in turn develop specific products for specific markets.
She said that the Federal Ministry Finance was discussing with the Central Bank of Nigeria (CBN) to use the DBN as a vehicle for any of its subsequent SMEs intervention. (NAN)
RI/MO