NACCIMA, DBN Move to Unlock Dedicated Financing for MSMEs, Women and Youth Entrepreneurs
Oru Leonard
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Development Bank of Nigeria (DBN) have commenced discussions on a strategic partnership aimed at expanding access to affordable financing for Micro, Small and Medium Enterprises (MSMEs), women-owned businesses and youth-led enterprises across the country.
The move was announced during a high-level visit by a NACCIMA delegation to the headquarters of the Development Bank of Nigeria in Abuja, where both organisations explored frameworks for strengthening credit delivery and supporting business growth in Nigeria.
The delegation was led by Chief Kola Akosile, National Vice President of NACCIMA and Chairman of the NACCIMA MSME Trade Group, while the DBN team was received by its Managing Director and Chief Executive Officer, Dr. Tony Okpanachi.
Speaking during the meeting, Okpanachi outlined DBN’s mandate as Nigeria’s leading wholesale development finance institution focused on addressing the financing challenges faced by MSMEs. He commended NACCIMA for its role in advancing the interests of the organised private sector and welcomed the initiative to deepen collaboration between both institutions.
Akosile, in his remarks, said the visit was driven by the need to establish structured financial interventions capable of reducing borrowing constraints for businesses operating within the chamber network.
A major highlight of the engagement was the presentation of a proposed Memorandum of Understanding (MoU) designed to create a dedicated financing channel for MSMEs. The framework is built around five strategic pillars, including the establishment of a specialised financing platform for MSMEs, a Women’s Finance Accelerator to improve access to capital for female entrepreneurs, a Youth Enterprise Fund to support youth-led businesses, capacity-building and technical assistance programmes, and enhanced data-sharing and market intelligence initiatives to strengthen credit assessment and delivery.
DBN expressed strong interest in the proposed collaboration and reaffirmed its readiness to work closely with NACCIMA to develop sustainable financing solutions targeted at chamber members, women entrepreneurs and young business owners.
Both parties agreed to immediately commence work on the drafting and signing of the MoU, which will formalise the partnership. They also resolved to establish a Joint Implementation Committee that will oversee the execution, monitoring and evaluation of the proposed intervention programmes.
The meeting was attended by senior officials from both organisations, including DBN’s Chief Risk Officer and Chief Operating Officer, Mr. Adegbola Olu; Chief Economist, Prof Joseph Nnanna; and Company Secretary and Legal Adviser, Mr. Shofola Osho. Members of the NACCIMA delegation included Alhaji Faruk Suleiman, President of the Kaduna Chamber of Commerce, and Dr. Emmanuel Akeh, Director of the NACCIMA Corporate Office.
The planned partnership is expected to strengthen financial inclusion efforts and improve access to development finance for thousands of small businesses across Nigeria.
