The Development Bank of Nigeria (DBN) in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has strengthened financing options for micro, small and medium enterprises (MSMEs) in Nigeria through an equipment leasing initiative.
The Chief Operating Officer of DBN, Bonaventure Okhaimo, during the unveiling at the company’s office in Lagos, described the initiative as a game-changer for alternative financing options for MSMEs, the bedrock of economic growth.
He mentioned that the initiative is expected to have a profound impact on the MSME ecosystem, which is a critical driver of economic growth, job and wealth creation in the country.
Okhaimo added that 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.
“By partnering with GIZ and ELAN, we are not only providing financial solutions but also contributing to the overall growth and sustainability of small businesses in Nigeria.
“The MSME Equipment Leasing Initiative will go a long way to bridge the gap in equipment financing that many small businesses face, thereby enhancing their productivity, competitiveness, and ability to scale. This strategic collaboration reaffirms our commitment to financing sustainable growth and supporting the entrepreneurial ecosystem in Nigeria,” he explained.
Head of Programme, GIZ Nigeria/SEDIN Markus Wauschkuhn, said MSMEs in Nigeria constitute a significant portion of the economy, and their importance to the economy cannot be overstated, noted that they serve as the backbone of the Nigerian economy with huge contributions to her GDP.
“Our partnership with DBN underscores our shared commitment to empowering these small businesses and enhancing their access to crucial financing options. By focusing on equipment leasing, we aim to unlock new possibilities for businesses to invest in cutting-edge technologies and boost their productivity.
“The Equipment Leasing Initiative is a testament to our dedication to fostering economic development and supporting entrepreneurship in Nigeria. By providing MSMEs with essential tools and resources, we are enabling them to thrive and contribute to a more inclusive and robust economy,” he noted.
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 when 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.
“Leasing if well harnessed is a very critical tool to develop MSMEs, beyond giving small business owners access to finance, it will facilitate easier access to essential equipment that will help them achieve greater operational success, improve productivity and reduce unemployment in the country,” he said.
