From Moshood Karim
At the fifth annual lecture of the Development Bank of Nigeria (DBN), stakeholders and entrepreneurs unanimously called for robust reputation management, an enabling environment, favourable government policies, and tax holidays to enhance the wellbeing of Micro Small and Medium Enterprises (MSMEs) in Nigeria.
The event, themed: “Empowering Nigerian MSMEs in a Challenging Global Landscape,” took place on Wednesday at the Transcorp Hilton Hotel in Abuja, with the DBN collaborating with Fidelity Bank Plc.
Top government officials, financial sector stakeholders, and private-sector leaders, including Fidelity Bank CEO Nneka Onyeali-Ikpe, who served as the keynote speaker, shared insights into the entrepreneurship landscape and the unique challenges faced by MSMEs in Nigeria.
DBN’s Managing Director/CEO, Dr. Tony Okpanachi, stressed the importance of addressing the wellbeing of MSMEs in his opening remarks.
He highlighted that the DBN has provided over ₦786 billion in credit to more than 494,000 MSMEs, resulting in the creation of approximately 1.2 million jobs across Nigeria.
Okpanachi acknowledged that while MSMEs form the backbone of the Nigerian economy, they face numerous obstacles due to local, regional, and global challenges.
“Access to affordable financing remains a major hurdle for MSMEs,” Dr. Okpanachi noted. He explained that stringent requirements for traditional loans often make financing inaccessible, and disruptions in the global supply chain further complicate production and profitability for small businesses.
The DBN Annual Lecture, according to Okpanachi, serves as a platform for business leaders, industry experts, and stakeholders to engage in meaningful discussions about the challenges MSMEs face, and to devise strategies to support their growth.
He also highlighted the federal government’s commitment to addressing the macroeconomic challenges that impact MSMEs and noted that the government has rolled out interventions to stimulate the sector’s growth.
Representing Vice President Kashim Shettima, the Special Adviser to the President on Economic Affairs, Dr. Tope Kolade Fasua, praised the efforts of Nigerian entrepreneurs managing the nation’s over 39 million MSMEs.
He outlined several initiatives the Tinubu-led administration has implemented to support MSMEs, such as skill acquisition programmes, youth empowerment, and technical support for small businesses.
In her keynote address, Fidelity Bank CEO Nneka Onyeali-Ikpe underscored the importance of supporting MSMEs and detailed the contributions of her bank to this effort.
She disclosed that Fidelity Bank has disbursed over ₦61 billion in loans to more than 600 MSMEs, earning the bank two prestigious awards.
Onyeali-Ikpe advocated for the establishment of additional development banks, such as a Bank of Mining, and called for the creation of comprehensive MSME growth policies.
She also proposed several other solutions to MSME challenges, including training on accounting and bookkeeping, the introduction of radio forums to educate entrepreneurs, addressing the issue of double taxation, and the establishment of a national apprenticeship scheme to build capacity within the sector.
During a panel discussion, several business leaders provided further insight into the MSME landscape.
Ajayi Oluwatobi, Chairman/CEO of NORC Automobile Limited, stressed the need for greater investment in compressed natural gas (CNG) to combat rising inflation, particularly food inflation, by lowering the cost of transporting goods across Nigeria.
He argued that Nigeria should leverage its comparative advantage in natural gas production and eliminate gas flaring.
Nkemdilim Uwaje Begho encouraged entrepreneurs to embrace technology and digital platforms to expand their market reach.
She stressed that, businesses failing to adopt a technology-driven approach risk obsolescence within the next five years.
“Technology should be seen as an investment, not an expense,” she stated, urging entrepreneurs to make use of e-commerce platforms and social media for marketing.
Ajuma Ataguba, Managing Director of Founder Institute, discussed the regulatory environment for Fintech start-ups and stressed the importance of capacity building.
She highlighted her company’s efforts to connect start-ups with potential investors to secure funding.
The event concluded with the presentation of certificates of participation to the panelists, marking another successful edition of the DBN Annual Lecture aimed at empowering Nigerian MSMEs for sustainable development.
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