MINISTER of Finance, Mrs Kemi Adeosun, said on Monday that the proposed Development Bank of Nigeria (DBN) was being positioned to galvanise the small and medium scale enterprises sector for the overall development of the economy.
Speaking during a Board/Management/Development partners’ retreat of the DBN in Abuja, Adeosun also gave assurance to the board that the Federal Government was ready to provide support for the new development financial institution.
According to her, there won’t be any political interference whatsoever despite government support.
The Minister also disclosed that the operating licence for DBN is expected imminently.
The present administration was aware of the role of SMEs in nation building, hence the resolve to position DBN as a catalyst for the development of the SMEs.
Currently, Nigeria’s financing of MSMEs lagged significantly behind other countries, including Brazil (63 per cent), Ghana (36 per cent), China (30 per cent), Kenya (24 per cent), and South Africa (21 per cent), she explained.
In addition, Adeosun said DBN will provide financial support to microfinance banks, which will in turn develop specific products for specific markets.
She stated that the Finance Ministry is in discussion with the Central Bank of Nigeria to use the Development Bank as a vehicle for any of its subsequent SMEs intervention.