The Development Bank of Nigeria (DBN) in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched an innovative MSME Equipment Leasing Initiative aimed at strengthening financing options for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The groundbreaking event held at DBN's Lagos Office in Victoria Island, had in attendance key representatives from DBN, GIZ, Equipment Leasing Association of Nigeria (ELAN), financial institutions, MSME owners, and media professionals.
In his opening remarks, the Chief Operating Officer, Development Bank of Nigeria, Bonaventure Okhaimo 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.
Head of Programme, GIZ Nigeria/SEDIN, Markus Wauschkuhn, while speaking at the launch said that 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."
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.
