Business
LCCI Lauds FG On Establishment Of DBN
The Director-General of Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf, has commended the Federal Government for licensing the Development Bank of Nigeria (DBN).
Yusuf told newsmen in Lagos that the bank would have positive impact on the economy.
He said that the DBN would complement other DFIs such as Bank of Industry and Nigerian Export and Import Bank (NEXIM), among others.
The LCCI boss, however, advised its management to manage the bank well so that its objectives would be achieved.
“It is a good development and the more the better. The idea is to service the Micro, Small and Medium Enterprises (MSMEs).
“Now that it has been created and licensed, we hope that it is efficiently managed so that it can complement the other development financial institution,” he said.
The Chairman of Otta Branch of Manufacturers Association of Nigeria (MAN), Mr Wale Adegbite, also commended the establishment of DBN, saying it would increase chances of private operators to access loans.
Adegbite said that existing DFIs had not been able to satisfy his members’ quest for loans, a factor that had been hindering the growth of industries.
According to him, the establishment of DBN will allow for competition among the DFIs in meeting the needs of customers.
The Minister of Finance, Mrs Kemi, Adeosun, who announced the approval of the licence, said DBN would provide loans to sectors not currently served by existing development banks.
Adeosun said that the bank would fill gaps in the provision of funds to MSMEs.
She said that as a wholesale bank, the DBN would lend to microfinance banks which would in turn give medium and long-term loans to MSMEs.