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  • DBN wins CBN’s financial inclusion award

    DBN wins CBN’s financial inclusion award

    The Central Bank of Nigeria (CBN) has awarded Development Bank of Nigeria Plc (DBN) the prestigious Financial Inclusion Leadership Award in recognition of its exceptional efforts in expanding access to financing for Nigeria’s micro, small, and medium enterprises (MSMEs).

    The award was presented during the “Champions of Inclusion Nigeria Financial Inclusion Awards” at the recently concluded International Financial Inclusion Conference (IFIC) 2024, organized by the CBN in collaboration with the World Bank and other stakeholders.

    DBN’s Managing Director/CEO, Dr. Tony Okpanachi, described the recognition as a validation of the bank’s strategic focus on fostering financial inclusion.

     “We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our commitment to expanding access to financial services for all Nigerians,” Dr. Okpanachi said. “This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.”

    He added that, “We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”

    The Chief Operating Officer of DBN, Mr. Bonaventure Okhaimo, received the award on behalf of the Bank and described it as a significant milestone in the institution’s mission to drive economic growth.

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     “This award acknowledges our innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” Mr. Okhaimo said. “It will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.”

    He noted DBN’s commitment to ensuring that more small businesses and startup enterprises in Nigeria gain access to financial services.

    The Financial Inclusion Leadership Award, a highlight of the IFIC, celebrates organizations and individuals advancing the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.

    The awards recognize exceptional contributions to actions that broaden access to financial services, especially for low-income and excluded segments, including MSMEs.

    With inadequate funding being a significant challenge for small businesses in Nigeria, DBN’s role in addressing these gaps has been lauded as pivotal to achieving broader economic growth and inclusion.

  • DBN wins financial inclusion leadership award from CBN

    DBN wins financial inclusion leadership award from CBN

    The Central Bank of Nigeria (CBN) has awarded the Development Bank of Nigeria Plc (DBN) the prestigious Financial Inclusion Leadership Award in recognition of its exceptional efforts in expanding access to financing for Nigeria’s micro, small, and medium enterprises (MSMEs).

    The award was presented during the “Champions of Inclusion Nigeria Financial Inclusion Awards” at the recently concluded International Financial Inclusion Conference (IFIC) 2024, organized by the CBN in collaboration with the World Bank and other stakeholders.

    DBN’s Managing Director/CEO, Dr. Tony Okpanachi, described the recognition as a validation of the bank’s strategic focus on fostering financial inclusion.

    “We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our commitment to expanding access to financial services for all Nigerians,” Dr. Okpanachi said. “This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.”

    He added: “We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”

    The Chief Operating Officer of DBN, Mr. Bonaventure Okhaimo, received the award on behalf of the Bank and described it as a significant milestone in the institution’s mission to drive economic growth.

    “This award acknowledges our innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” Mr. Okhaimo said. “It will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.”

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    He noted DBN’s commitment to ensuring that more small businesses and startup enterprises in Nigeria gain access to financial services.

    The Financial Inclusion Leadership Award, a highlight of the IFIC, celebrates organizations and individuals advancing the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.

    The awards recognize exceptional contributions to actions that broaden access to financial services, especially for low-income and excluded segments, including MSMEs.

    With inadequate funding being a significant challenge for small businesses in Nigeria, DBN’s role in addressing these gaps has been lauded as pivotal to achieving broader economic growth and inclusion.

  • Richway MfB wins DBN’s impact award

    Richway MfB wins DBN’s impact award

    Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.

    Managing Director, Richway Microfinance Bank, Mr Adenrele Oni, said the award attested to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.

    He noted that since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities.

    According to him, the bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector.

    He pointed out that by offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.

    “In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.

    “These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.

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    “DBN’s  award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”

    According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services,” Oni said.

    While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.

    “As Richway Microfinance Bank celebrates this achievement, it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years,” Oni said.

  • DBN empowers over 4,000 MSMEs

    DBN empowers over 4,000 MSMEs

    …Opens Applications for 2024 DBN Entrepreneurship Training Programme

    The Development Bank of Nigeria (DBN) has already empowered over 4,000 Micro, Small and Medium Enterprises (MSMEs) across the country through a combination of digital and physical training initiatives.

    Building on this success, the DBN has announced the official launch of the 2024 DBN Entrepreneurship Training Programme (DBNETP), their flagship annual programme designed to equip MSMEs with the tools they need to thrive. 

    This year marks the 6th cycle of the DBNETP, as a core element of the DBN’s commitment to supporting the growth of Nigeria’s entrepreneurial ecosystem.

    “I am enthralled to announce the commencement of the 2024 edition of our flagship annual DBN Entrepreneurship Training Programme (DBNETP) for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria,” stated Dr. Tony Okpanachi, Managing Director/CEO of the Development Bank of Nigeria. “Capacity building training is pivotal for MSMEs growth in Nigeria as it bridges the knowledge and skills gap, empowering entrepreneurs to innovate, compete, and thrive in a rapidly evolving economy.”

    The DBNETP is designed to target MSMEs with the greatest potential for success.  To participate, businesses must meet specific eligibility criteria. 

    “Our capacity-building training is a catalyst for unlocking MSMEs’ potential as a key driver of economic growth, innovation, job creation, and prosperity in Nigeria,” Dr. Okpanachi continued.

    “Hence, establishing clear eligibility and selection criteria for the participating MSMEs ensures targeted support for businesses that need this kind of training most.”

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    A breakdown of the eligibility criteria for the 2024 DBNETP include: the business owner must be at least 18 years old and a citizen or legal resident of Nigeria; the business must be based and operating in Nigeria; it must be a for-profit enterprise operating in any sector of the Nigerian economy and business owners must be available and committed to attending the training if their application is accepted.

    The DBN said it will also be looking for businesses demonstrating strong potential for success through factors such as the readiness of the MSME to access credit facilities; a strong and sustainable business model with a clear path to continued growth and demonstrable potential for growth and job creation.

    The DBNETP offers a blended approach to learning, combining online and in-person components to cater to diverse learning styles and schedules. Participants will embark on a self-paced comprehensive curriculum covering nine (9) core business principles.

    This virtual component will be delivered through the DBN learning management platform accessible via the BizAid App. Shortlisted businesses will receive an intensive 5-day hands-on practical training program tailored to their specific needs through a needs assessment.

    The application process for the 2024 DBNETP is now open and applicants must register on the DBN Learning Management System (LMS) accessible through the BizAid App ([https://bizaid.devbankng.com)(https://bizaid.devbankng.com). Complete a minimum of four (4) mandatory courses: Accounting and Bookkeeping, Sustainability for MSMEs, Marketing and Sales Techniques, and Credit Management/Access to Finance.  You’ll need to achieve an overall score of at least 80% across all quizzes.

    Upon successful completion of the four courses and achieving the required pass mark, you’ll receive an email containing a link to apply for the face-to-face training programme. Within 24 hours, applicants will receive a confirmation email, and following the application deadline, the DBN will screen and shortlist applicants based on the eligibility and selection criteria. Successful applicants will receive further communication with additional details about the training program.

    The DBN in its statement encouraged all MSMEs to seize this opportunity to gain the knowledge and skills necessary to take their businesses to the next level.  By participating in the 2024 DBN Entrepreneurship Training Programme, to unlock new possibilities for their businesses and contribute to the continued growth.

  • DBN secures $250mn Green Climate Fund accreditation

    DBN secures $250mn Green Climate Fund accreditation

    The Development Bank of Nigeria (DBN) has secured accreditation from the Green Climate Fund (GCF), enabling it to access between $50 million and $250 million in funding for climate change projects.

    This landmark accreditation positions DBN as the first Direct Access Entity (DAE) in Nigeria, granting it direct access to GCF resources without intermediaries.

    However, with the accreditation, DBN can only help with loans and project management. But they are planning to add grants, investments, and guarantees soon.

    The GCF funds will be channelled towards climate mitigation and adaptation projects aligned with Nigeria’s Nationally Determined Contributions (NDCs).

    These projects will focus on key sectors such as agriculture, manufacturing, healthcare, education, transport, and logistics.

    GCF funds will be administered at highly concessionary rates, involving close collaboration with the Nigerian Climate Change Council (NCCC) for project selection, appraisals, and alignment with Nigeria’s Nationally Determined Contributions (NDCs).

    Shortlisted projects will require detailed funding proposals to be submitted to the GCF for approval. The resources provided by the GCF can only be used for climate mitigation and adaptation projects that align with Nigeria’s NDC focus areas.

    DBN Managing Director, Dr. Tony Okpanachi, while addressing journalists in Abuja on Tuesday noted the significance of this accreditation in combating climate change challenges faced by Nigeria, including desertification, flooding, and unpredictable weather patterns.

    He highlighted the opportunity to create greater awareness about climate change, promote green economy practices, and attract additional climate finance to Nigeria.

    With this accreditation, DBN is now empowered to develop and submit funding proposals for projects and programs, oversee their management and implementation, deploy various financial instruments such as concessional loans and co-financing, and mobilize private sector capital for climate change initiatives.

    The accreditation covers projects “under the categories of basic fiduciary standards, specialized fiduciary standards, project management, on-lending and/or blending for loans, and medium-sized projects categorized under ESS Risk: Category B”.

    The Green Climate Fund (GCF) is the world’s largest dedicated fund aimed at helping small island states, least-developed countries, and developing nations reduce their greenhouse gas emissions and enhance their resilience to climate change.

    The GCF channels climate finance to these countries and invests in their adaptation and mitigation activities through a portfolio of projects implemented by Accredited Entities. These entities, including DBN as a newly accredited DAE, develop funding proposals and oversee the management and monitoring of GCF-approved projects.

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    The GCF, as the world’s largest dedicated climate fund, supports developing countries in reducing greenhouse gas emissions and building resilience to climate change. DBN’s accreditation empowers the bank to develop and implement climate-focused projects, leveraging its expertise in financial intermediation.

    “This achievement marks a significant milestone for Nigeria in its efforts to address climate change and achieve sustainable development,” Okpanachi said.

  • DBN achieves 100% loan repayment

    DBN achieves 100% loan repayment

    The Development Bank of Nigeria (DBN) has said the loan repayment by its clients has reached 100 per cent.

    Mr. Tony Okpanachi, Managing Director of DBN made this  known at the end of the banks Annual General Meeting (AGM) in Abuja yesterday.

    Okpanachi stated: “As of December 31, 2023, the bank’s loan repayments had reached an unprecedented 100 per cent, resulting in zero non-performing loans.”

    Okpanachi attributed this success to the sound lending practices of the financial institutions DBN collaborates with.

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    The DBN boss revealed that “Since its establishment, DBN has disbursed a total of N786 billion in loans to 494,819 Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. Notably, a significant portion of these disbursements, amounting to N187 billion, went to support 356,451 women-owned businesses, while N81 billion was allocated to 120,326 youth-owned enterprises”.

    “The bank’s focus on priority sectors outlined by the Federal Government was evident in its disbursement patterns, with substantial investments directed towards manufacturing and agriculture, supporting thousands of end-borrowers in these sectors”.

    He emphasized the significance of DBN’s role in job creation, citing over 1.5 million jobs generated since the bank’s inception in 2017. Despite this accomplishment, Okpanachi acknowledged the need for continued efforts to address unemployment in Nigeria, outlining DBN’s strategy of “scaling up operations” over the next five years to further boost job creation.

    Regarding capital raising endeavours, Okpanachi noted DBN’s successful initial efforts to raise funds from the market, with plans for future fundraising activities aligned with market conditions and the pressing need for funding in the economy.

    DBN’s commitment to shareholders was highlighted through the declaration of dividends amounting to N32.70 kobo per share, representing 25 percent of distributable profits as required by law. This this second time DBN will be declaring dividends to its shareholders. Okpanachi expressed satisfaction at consistently rewarding shareholders, including the African Development Bank, European Investment Bank, Ministry of Finance Incorporated (MOFI) and the Nigeria Sovereign Investment Authority (NSIA).

    DBN’s commitment to enhancing the capabilities of Participating Financial Institutions (PFIs) through technical assistance programmes was noted. These programmes, tailored to the specific needs of PFIs, aims to strengthen their lending portfolios and support the introduction of new MSME products.

    In line with its sustainability goals, DBN reported a substantial increase in its Green Portfolio to N6 billion in 2023, demonstrating its dedication to environmentally responsible investments.

    Dr. Shehu Yahaya, Chairman of DBN, highlighted the challenges facing Nigerian MSMEs, including limited access to finance, inadequate infrastructure, and skills gaps. He commended the government’s initiatives aimed at supporting MSMEs but stressed the importance of broader access to long-term funding for sustainable growth.

    DBN reiterated its commitment to fostering Nigeria’s economic transformation by providing financial and non-financial support to MSMEs. The bank pledged to continue refining its products and deepening its understanding of the sector to better serve the evolving needs of MSMEs and contribute to Nigeria’s socioeconomic development.

  • DBN to disburse N150b to MSMEs

    DBN to disburse N150b to MSMEs

    The Development Bank of Nigeria (DBN), plans to disburse N150 billion to Micro Small and Medium Enterprises (MSMEs) across the country in 2023.

    Chief Economist, Development Bank of Nigeria (DBN), Prof. Joseph Nnanna said that the disbursement would be done through participating financial institutions for onward lending to MSMEs across various sectors of the economy.

    According to him, the objective is to enlist 120 000 MSMEs in 2023.

    “I think we are on track to get there so we have a target to disburse around N150 billion this year and so far we are making some good progress but the year isn’t over yet and the state of the economy is a bit influx.

    “A lot of Nigerians are challenged, a lot of businesses are challenged, the interest rate is increasing and as a result we know that these business owners will need some able room to breathe,” Nnanna said.

    Nnanna, however, said that DBN had recorded growth in the MSME sector with the increasing employment rate.

    “If you look at what we have done across the country, we have been able to impact over 300, 000 MSMEs and this cuts across trade, education, manufacturing, agriculture and ICT.

    “By and large we have seen some growth across the MSME space because we measure the job creation levels of the money we disburse through our participating financial institutions.

    “Over 240, 000 jobs have been created so far and that is commendable,” Nnanna told News Agency of Nigeria (NAN).

    He urged the participating financial institutions to provide the needed aid for MSMEs to continue to grow amidst the prevailing economic challenges in the country.

    “We know we are trying to create jobs and we know that the economy is a bit challenged now, the high interest rates and uncertainty with the agriculture sector given that the Cameroon government is going to open up the dam.

    “This might increase flooding risks which will basically damage a lot of crop production, and this is the peak when we should be harvesting crops.

    “Consequently, I sincerely believe there is probably more now than ever development financial institutions have to spring into action to come to their aid.

    “So our commercial banks and micro finance banks will surely intervene and support those actors in their space who need some cushion to continue to grow,” Nnanna said.

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    The economist said that DBN would strengthen collaborations with stakeholders in the sector to achieve its target on financial inclusion.

    “With support from the regulators, with support from our partner institutions; we need support broadly because in the end I will restate that we suddenly need to collaborate more to achieve inclusive growth.

    “Without collaboration and if we are competing among ourselves, it is never going to work because somebody will feel cheated whether it is in the MSME lanes, commercial or micro finance bank lanes or even the regulators will feel like you guys are breaking the rules to achieve some targets.

    “So that is why we have to collaborate, we have to keep on revisiting the things that are working and tweaking them to ensure they are fit for purpose that ultimately becomes the key to success,” Nnanna said.

    He said that DBN’s Financial Inclusion Project (FIP) with Ubola Rural Community Foundation (URCF) targets to reach more rural Nigerians with a simple financial tools approach and create a financial inclusive sustainability system.

    NAN recalls that in Feb. DBN in collaboration with Ubola Rural Community Foundation commenced the Financial Inclusion Project in the North East region.

    The Executive Chairman of URCF, Mr Musa Etubi said that the project targets 1000 rural beneficiaries on financial inclusion.

    Etubi said that over 73 per cent of the population financially excluded live in the rural areas.

    While expressing hope that the FIP project would be scaled up to other geopolitical zones, Etubi said that so far. 110 indigent farmers and petty traders were supported financially and materially through the initiative.

    According to him, materials such as water pumping machines for agricultural irrigation and improved seedlings with organic fertilizer that also serve as pesticides were provided to improve and increase farm yield.

    “The traders, who are mainly women and girls were also sensitised and provided with starter packs for their petty trading,” he said.

  • DBN engages nine banks to fund SMEs

    Development Bank of Nigeria (DBN) has engaged nine conventional Deposit Money Banks (DMBs)  to access its credit lines for onward transmission to their Small and Medium Enterprises (SMEs) customers.

    DBN Managing Director/ Chief Executive Mr. Tony Okpanachi said at the weekend that another batch of DMBs would be picked in the second phase.

    Diamond Bank, Sterling Bank, Fidelity bank, Eco Bank and Wema Bank, are the commercial banks in first batch. “For the microfinance banks, we have Micro credit, Infinity and Busack. We are yet to disburse to Fortis which ought to be among them, I know they are working towards meeting the conditions that will enable them to access the funds,” Okpanachi said.

    The DBN boss added: “We started operations with about three microfinance banks. We made available N5 billion to finance SMEs through their banks. But the money came down to N4.9 billion, which is available to them to draw down. But beyond that, we have started welcoming commercial banks. We are currently making credit lines available to them to draw down. Nine banks are on our list, mainly commercial banks.”

    He said DBN “is doing a lot in the area of de- risking and capacity building for Microfinance finance banks whose duty is to lend directly to the SMEs.”

    He said Private sector businesses were critical to the development of the Nigerian economy given “their huge potential for employment generation and output diversification.”

    Okapanachi said DBN was targeting agriculture with its huge potentials by collaborating with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to de- risk the sector and provide guarantee for the SMEs to access credit facilities.

    Regarding the ability of the DBN to meet the demands for credit by SMEs through their banks, Okpanachi said: “investors of DBN recently took a decision to invest additional $70 million in to the bank

    The European Investment Bank and African  Development Bank (AfDB) , part owners of DBN,  agreed to invest $20-million and  US $50-million in Nigeria’s Development Bank of Nigeria (DBN) to strengthen its business and agriculture lending capacity.”

    He assured both investors and other stakeholders that “the Development Bank of Nigeria will overcome the funding gap in the micro-small and medium scale enterprises space and help businesses unlock opportunities across Nigeria.

    DBN’s ambition is strengthened by the financial and technical support of international partners, including the European Investment Bank and African Development Bank. The new institution builds on international experience and uses a business model that has demonstrated proven success to enhance private-sector investment across Africa and around the world where other financing options are inad Other international financial institutions supporting DBN include the World Bank, Germany’s KfW and the French Agence française de développement (AFD) with federal government of Nigeria having the highest stake.

  • DBN unveils strategic nationwide coverage plans for MSMEs

    DBN unveils strategic nationwide coverage plans for MSMEs

    Development Bank of Nigeria (DBN) has unveiled its nationwide strategic plan for on-lending of facility to millions of Medium, Small and Micro Enterprises (MSMEs) across the country.

    A statement by the bank said its Managing Director Tony Okpanachi, disclosed this at the just concluded Kogi State SMEs clinic, which was flagged-off by Vice President Yemi Osinbajo in Lokoja, Kogi State.

    Okpanachi described MSMEs as the “driving force that powers every economy local and foreign.” He reiterated the Bank’s commitment towards providing enabling environment for Nigerian businesses in accessing required funding.

    According to him, “to ensure you are getting the best deal for your business, let me share with you how to access funds from DBN. As I stated earlier, DBN is a wholesale Development Finance Institution (DFI) which means DBN funds can only be accessed through your commercial banks, Microfinance banks or any other licensed financial institutions we do business with. We are currently on the verge of on-boarding several microfinance banks and deposit money banks to ensure full coverage of the country to access our loans.”

    He noted that “DBN is an institution that cares deeply about the MSME segment and is taking steps to find ways to collaborate with several stakeholders within our industry to ensure you entrepreneurs, farmers, traders and small business owners have access to loans that can help you grow your business. We shall be publishing the names of the participating financial institutions as we sign them,” Okpanachi assured.

    The DBN helmsman who promised a paradigm shift towards supporting MSMEs in Nigeria, said: “Our lending activities officially kicked off on October 30th, 2017, by making available N5 billion for on-lending to 20,000 MSMEs across the country through 3 micro finance banks.

    “So far, we have been able to track the disbursed funds through the MFBs and we are already beginning to see the impact in each sector. For instance, we have activities ongoing in the following sectors namely: Trade and Commerce, Education, Real Estate Activities and Agriculture.”

    “Additionally, we have seen that of the funds disbursed, men have accessed 69 per cent while women have accessed 31 per cent. I believe more women should access our loans as women have been doing a great job of managing their small businesses well in this state.

    Okpanachi told MSME operators in Kogi that “while accessing finance from banks can be challenging. I am sure many of you have found it difficult to get longer tenor funding for your businesses. There was a need to fill that gap, DBN offers longer tenor on loans of up to 10 years and up to 18 months moratorium.”

    He stated that DBN is “non-sector specific which means we lend money to every sector of the economy including Agriculture, Manufacturing, Education to create impact on the economy. We moderate the pricing of our loans through the participating financial institutions and single obligor limit of N610 million.

  • DBN to engage more DMBs, MFIs in financing MSMEs

    The Development Bank of Nigeria (DBN) is to engage more Deposit Money Banks (DMBs) and Micro Finance Institutions (MFIs) in lending to Micro Small and Medium Enterprises (MSMEs).

    Managing Director DBN  Tony Okpanachi made this known when he received a delegation of the KFW Development Bank of Germany, in Abuja, at the weekend.

    He said discussions have reached advanced stage and would soon culminate in agrements for the private financial institutions to expand credit facility to operators in the Small and Medium Enterprises (SMEs) sub-sector.

    Okpanachi said his team undertook a study tour to Germany in order to take advantage of the long experience of KFW so as to run a sustainable development bank in Nigeria.

    He said: “We undertook a study tour there to be able to understand how they have been able to sustain this model for all these years. The culmination of that, is the technical support that came from them and experience sharing with us, in addition to the funding they provided for us. We want the assistance to continue.

    Okpanachi added that the German development bank has “a long history of successful operations and DBN wants to learn a lot from them.  We want continuous assistance from them. We want their willingness to support us as we continue in the journey.”

    Earlier, the leader of the delegation and Director of  West Africa and Madagascar, Mr. Michael Wehinger, who expressed satisfaction over the operational model adopted by the DBN, said that his organization was ready to provide more funding for the bank.

    He said KFW saw DBN as a natural partner through which the Germany and KFW, in particular could channel efforts towards strengthening the Nigerian SME sub-sector.

    His words: “When the Nigerian government took the decision to establish a Development Bank of Nigeria, we saw ourselves as a natural partner to the bank. We put our funds into it and we also put our knowledge into the process.

    “I am happy all members of the delegation here have had the opportunity to share their views and review the progress in the establishment and operations of the DBN.”