The Development Bank of Nigeria (DBN) has partnered with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to launch an innovative MSME Equipment Leasing Initiative that aims to strengthen financing options for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Held at DBN’s Lagos Office in Victoria Island, the event had in attendance key representatives from DBN, GIZ, Equipment Leasing Association of Nigeria (ELAN), financial institutions, MSME owners, and media professionals.
This collaborative effort marks a crucial step towards fostering economic growth and resilience within the nation’s vibrant small business sector.
Chief Operating Officer of the Development Bank of Nigeria, Bonaventure Okhaimo in his submission described the program 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. 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.
“The MSME Equipment Leasing Initiative will go a long way to bridge the gap in equipment financing that many small businesses face, thereby enhancing their productivity, competitiveness, and ability to scale. This strategic collaboration reaffirms our commitment to financing sustainable growth and supporting the entrepreneurial ecosystem in Nigeria.” He further explained.
Markus Wauschkuhn, Head of Programme, GIZ Nigeria/SEDIN in his speech said the Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria constitute 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.
“The Equipment Leasing Initiative is a testament to our dedication to fostering economic development and supporting entrepreneurship in Nigeria. By providing MSMEs with essential tools and resources, we are enabling them to thrive and contribute to a more inclusive and robust economy.” He noted.
On his part, the Executive Secretary/CEO, Equipment Leasing Association of Nigeria (ELAN), Andrew Emonuwa 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.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
