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LCCI commends FG on establishment of DBN

Mr Muda Yusuf, the Director-General of Lagos Chamber of Commerce and Industry (LCCI), has recognized the Federal Government for authorizing the Development Bank of Nigeria (DBN).

Yusuf told the News Agency of Nigeria (NAN) on Friday in Lagos that the bank

would have positive effect on the economy.

He said that the DBN would supplement different DFIs, for example, Bank of Industry and Nigerian Export and Import Bank (NEXIM), among others.

The LCCI manager, notwithstanding, tasked its administration to deal with the bank well so that its targets would be accomplished.

“It is a decent advancement and more is always better. The thought is to benefit the Micro, Small and Medium Enterprises (MSMEs).

“Since it has been made and authorized, we trust that it is effectively overseen so it can supplement the other advancement budgetary establishment,” he said.

Mr Wale Adegbite, the Chairman of Otta Branch of Manufacturers Association of Nigeria (MAN), also recognized the foundation of DBN, saying it would boost the chances of individual operators to get loans.

Adegbite said that current DFIs had not possessed the capacity to serve his members’ for loans, a component that had been thwarting the development of the industry.

As indicated by him, the foundation of DBN will take into account competition among the DFIs in addressing the requirements of clients.

The Minister of Finance, Mrs Kemi, Adeosun, who reported the endorsement of the permit, said DBN would give credits to segments not as of now served by existing development banks.

Adeosun said that the bank would fill the gaps in the provision of loans to MSMEs.

She said that as a wholesale bank, the DBN would loan to microfinance banks which would accordingly give medium and long haul loans to MSMEs.

The MSMEs contribute around 48.47 for every penny to the Gross Domestic Products (GDP) of Nigeria yet have access to just around five percent of getting loans from commercial banks.

The bank will have access to N396.5 billion or 1.3 billion dollars that was mutually given by the World Bank, German Development Bank, African Development Bank (AfDB) and the Agence Française de Development (French Development Agency).

Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports
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