DBN Empowers 125 Entrepreneurs in Lagos, Abuja

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By Dipo Olowookere

No fewer than 125 entrepreneurs in Lagos and Abuja have again been empowered by the Development Bank of Nigeria Plc in its second capacity building training workshop.

In the first training scheme held in 2019, a total of 100 small business owners from the 6 geographical zones of the country were empowered in Abuja and Lagos.

This year, the number was increased to 125 participants to accommodate more participants with the focus on impacting Nigerian MSMEs with the resilience needed for survival and sustenance especially, in the wake of the COVID-19 global pandemic.

The training programme was put in place to improve the skills of entrepreneurs 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 their funds.

At the event, participants were lectured on digital marketing strategies and basic promotional tools by business experts with lectures on accessing business opportunities and improving selling skills as well as 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 lectured participants 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.

The Managing Director of the bank, Mr Tony Okpanachi, stated that, “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 militating against SMEs 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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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