DBN empowers 125 entrepreneurs with business skills

The Development Bank of Nigeria (DBN) Plc has empowered about 125 entrepreneurs on how to sustainably grow their businesses through skills development and training.

This is in furtherance of its mandate of building the capacity of Micro, Small and Medium Scale Enterprises (MSMEs), and equipping them with the required skills needed to improve their competence in developing and defending a viable business plan, improve their capacity to access funding, as well as imbibe in them the discipline required for efficient utilization of funds.

The capacity training, which attracted 125 participants, up from 100 in 2019, to accommodate more participants focused on impacting Nigerian MSMEs with the resilience needed for survival and sustenance especially, in the wake of the COVID-19 global pandemic. Participants were drawn from the six geographical zones of the country, who converged in Abuja and Lagos for the training.

The MSMEs were educated on digital marketing strategies and basic promotional tools by business experts, with lectures on accessing business opportunities, and improving selling skills, especially presentation skills and development of a business plan.

To help these small business owners with book-keeping, which is crucial to accessing loans, DBN partnered with financial experts who took taught with explanatory videos on entrepreneurial finance and accounting; how to develop financial records; financial analysis, and how to prepare a balance sheet of their business activities.

Explaining the importance of the training for entrepreneurs, DBN Managing Director, Tony Okpanachi, said: “While funding is a major problem for MSMEs in Nigeria, there’s also the need to equip our entrepreneurs with critical management skills required to ensure they are better-structured, and able to effectively manage their respective businesses.”

He further explained that being a development financial institution, DBN tends to view problems impeding SMEs growth from a holistic perspective.

“As a Development Financial Institution established to bridge the financial gap through our Participating Financial Institutions, our strategic focus is providing liquidity, credit guarantee, and capacity building for MSMEs to be more productive. “The capacity building initiative is an integral part of the bank’s mandate to drive economic growth by empowering MSMEs with the skills required to improve their capacity and productivity. So, our objective, in a nutshell, is to equip entrepreneurs across sectors of the Nigerian economy with requisite management skills to develop viable business plans, access funds, and effectively manage their business growth. Through this training, we will enhance their entrepreneurial and managerial competencies,” he said.

Participants expressed their appreciation to DBN especially in the area that touched on online marketing and business profiling. They expressed confidence in their increased competence, and assured that they will inculcate learning into their various businesses.

The Development Bank of Nigeria Entrepreneurship Training Programme is an annual initiative targeted strictly MSMEs for sustainable growth.