The Lagos office of the Development Bank of Nigeria (DBN) has now been opened with a view to providing sustainable financing to those in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy.
The new office, located on Idejo Street in Victoria Island, was commissioned at the weekend and would service Participating Financial Institutions (PFIs) domiciled in the metropolis.
“We have realized the need to bring the business closer to the PFIs that are supposed to benefit from our services here in Lagos.
“The Lagos operations will accelerate our engagement with the PFIs and facilitate ease of disbursement to them to alleviate the financing constraints faced by Micro Small and Medium Scale Enterprises (MSMEs), which are undoubtedly the engine room of the economy,” Chairman of the lender, Mr. Shehu Yahaya, said at the launch.
He said the development bank was set up as a wholesale development finance institution, providing sustainable financing through eligible PFIs, who would, in turn, lend to end-borrowers; MSMEs for the development of that segment.
According to Mr. Yahaya, the remarkable success of the bank within the short period of commencing operations has been because of the enthusiasm and support by the various financial institutions that have embraced the DBN offering of empowering the all-important segment of the nation’s economy- MSMEs.
Also speaking at the event, Managing Director of the bank, Mr. Tony Okpanachi, assured the MSMEs that DBN has “the vision to be Nigeria’s primary development finance institution, thereby promoting growth and sustainability of the MSMEs by providing financial services, Credit Guarantees, and advisory services. These are some of the services that will equally be available to the PFIs through the Lagos office.
“DBN loan cuts across all sectors of the economy. Our operation in addition to our mandate, seeks to achieve the Nigerian Sustainable Banking Principles (NSBP) of the Central Bank of Nigeria (CBN), where financial inclusion ranks high, as well as the United Nations Sustainable Development Goals and it’s also, in line with the Economic Recovery and Growth Plan of the Federal Government.”