By Modupe Gbadeyanka
Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has disclosed that the Development Bank of Nigeria (DBN) will enhance the growth of Small and Medium Scale Enterprises (SMEs) in the country.
Mrs Adeosun made this disclosure on Tuesday during a Board/Management/Development partners’ retreat of the DBN in Abuja.
According to her, the bank will give life to the SMEs sector, which will in turn improve the country’s economy.
“The wide range of SMEs is a reflection of our economic diversity,” the Minister said, adding that the Federal Government is ready to provide support for the institution.
She decried the present situation where SMEs account for 45 percent of the Gross Domestic Product (GDP) but just 10 percent of bank credit.
The Minister noted that the FG is aware of the role of SMEs in national development.
The DBN had convened its development partners and incoming management team and Board of Directors for an inaugural strategy retreat to prepare them for immediate operation upon the issuance of its license by the Central Bank of Nigeria (CBN).
