As Nigeria seeks to diversify its economy, create jobs and promote inclusive growth, Development Bank of Nigeira expanding footprint offers a glimpse into how targeted financing can unlock enterprise potential across sectors and regions. Eromosele Abiodun and Nume Ekeghe writes.
As Nigeria grapples with the twin challenges of accelerating economic growth and creating jobs for its rapidly expanding population, one reality has become increasingly evident: sustainable development cannot be achieved without empowering the country’s millions of micro, small and medium enterprises (MSMEs).
Across the world, MSMEs serve as the backbone of economic activity, driving innovation, employment and wealth creation. In Nigeria, they account for more than 90 per cent of businesses and contribute significantly to national output. Yet, despite their importance, access to affordable financing remains one of the most stubborn constraints to their growth.
For decades, many Nigerian entrepreneurs have found themselves trapped in a vicious cycle. Without adequate collateral or formal credit histories, they struggle to secure loans from commercial banks. Without financing, expansion becomes difficult, productivity remains low and opportunities for job creation are lost.
