Tony Okpanachi, the Managing Director and CEO of the Development Bank of Nigeria Plc (DBN), has emphasized the vital role of capacity building for Micro, Small, and Medium Enterprises (MSMEs). He believes that enhancing the capabilities of these businesses is essential for driving economic growth in Nigeria.

Empowering MSMEs for Economic Growth

During a recent conference, Okpanachi highlighted that MSMEs are crucial to Nigeria’s economy. They contribute significantly to job creation and overall economic development. However, many of these enterprises face challenges that hinder their growth. Lack of access to finance, inadequate skills, and limited market reach are common issues.

Okpanachi stated, “Capacity building is the catalyst for unlocking the potential of MSMEs.” He noted that investing in training and resources can empower these businesses to thrive. By enhancing their skills, MSMEs can improve productivity and competitiveness in the marketplace.

The DBN is committed to supporting capacity-building initiatives aimed at MSMEs. This support includes providing funding, training, and mentorship programs. Okpanachi urged stakeholders to collaborate in creating an ecosystem that fosters the growth of MSMEs. “We must work together to provide the necessary resources for these businesses to succeed,” he said.

In addition, he emphasized the importance of digital transformation. Many MSMEs are still reliant on traditional methods, limiting their potential. By adopting digital tools, these businesses can streamline operations and reach a wider customer base. Okpanachi encouraged MSMEs to embrace technology as a means of enhancing their capabilities.

Building Resilience Through Capacity Development

Okpanachi also discussed the need for resilience among MSMEs. The COVID-19 pandemic exposed vulnerabilities in many businesses. To withstand future shocks, MSMEs must build their capacity to adapt and innovate. This resilience is key to ensuring long-term sustainability.

Furthermore, he called for increased access to finance for MSMEs. Financial support is critical for enabling these businesses to invest in capacity development. The DBN aims to facilitate easier access to funding for MSMEs through tailored financial products.

Okpanachi concluded by reiterating the importance of capacity building as a strategic priority. By empowering MSMEs, Nigeria can harness their potential as key drivers of economic growth. This focus on development will not only benefit individual businesses but also contribute to the overall prosperity of the nation.

In summary, Tony Okpanachi’s insights highlight the essential role of capacity building in unlocking the potential of MSMEs. With the right support and resources, these enterprises can drive significant economic growth in Nigeria. The commitment to enhancing their capabilities will pave the way for a more resilient and prosperous future.