Dantata Charges DBN On Inclusive Financing For MSMEs

The Chief Executive Officer of Dantata Foods, Tajudeen Dantata, has called on the Development Bank of Nigeria (DBN) to address the financial constraints faced by the Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

Dantata made the call while delivering a keynote address at the second MSMEs summit hosted by DBN in Kano.

The event, with the theme ‘The Role of Development Bank in Inclusive Financing’, is in line with DBN’s mandate of providing access to finance to small businesses in Nigeria.

“For us to discuss inclusive financing, we must recognise the important role of the MSMEs as key players in the Nigerian economy, the role of the DBN working in conjunction with their participating financial institutions in addressing the financial constraints faced by the MSMEs,” he said.

According to Dantata, synergies must exist in the financial and MSME ecosystem as a key factor in addressing sustainable funding challenges faced by entrepreneurs.

He also urged the DBN to take the bull by the horn and provide the much-needed financial inclusion leadership needed in the region by setting aside tailored-made funding solutions that take cognisance of the peculiarity of Nigeria, emphasising that this would complement the efforts of the Central Bank of Nigeria (CBN).

The Managing Director, DBN, Tony Okpanachi, remarked, “It has become imperative for us to pull resources together and channel collaborative efforts towards building the capacity of the MSMEs as a way of revitalising their operations to address the challenge of access to finance. This will guarantee their growth and boost the economic potentials of this critical sub-sector.”

While stressing the importance of the MSMEs to Nigeria’s socio-economic development, Okpanachi said there was much to be done.

“Kano plays a major economic role in the northern business terrain and the challenges that MSMEs have to contend with are not different from those faced internationally.

“DBN will continue to work towards building the capacity of MSMEs, eliminating the financing constraints faced by this sector of the economy and transforming them into instruments of positive and sustained change,” he added.

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