Business
DBN Emphasizes MSMEs’ Vital Role In Economic Growth
The second edition of the Techpreneur Summit, hosted by the Development Bank of Nigeria, emphasized the importance of digital innovation, financial inclusion, and sustainable partnerships in driving the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Held in Lagos, the summit brought together experts and stakeholders who recognized the crucial role of MSMEs in the country’s economic development, job creation, and industrialization.
Under the theme of “Promoting innovation and sustainable partnerships,” the summit featured a keynote address delivered by Mr. Olu Akanmu, the President/Co-Chief Executive Officer of Opay, a prominent player in the industry.
Mr. Olu Akanmu, President/Co-Chief Executive Officer of Opay, expressed commendation for the Development Bank of Nigeria’s mission to promote sustainable socio-economic development.
He praised the bank’s efforts in providing financial support to underserved and unserved Micro, Small, and Medium Enterprises (MSMEs), enabling them to access credit guarantees and enhancing their capacity for growth and expansion.
He said “By enabling MSMEs to access funding on non-commercial terms, DBN has been at the forefront of promoting financial inclusion for small businesses as a larger number of them are excluded by the traditional financial institutions due to stringent conditions attached to accessing credit facilities.”
During the summit, the guest speaker, Mr. Olu Akanmu, highlighted the significance of the Central Bank of Nigeria’s Naira design and cash swap implemented in the first quarter of the year.
He emphasized that this development further underscores the importance for Micro, Small, and Medium Enterprises (MSMEs) to adopt technology and innovation in various aspects of their operations.
Highlighting the existing socioeconomic disparity, the guest speaker, Mr. Olu Akanmu, pointed out that there is still a significant gap between the rich and the poor.
However, he emphasized that small and mid-sized businesses have the potential to play a pivotal role in narrowing this gap, provided that the right environment is created to foster the sustainable growth of MSMEs.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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