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Okpanachi: Lack of managerial skills killing MSMEs

Aside dearth of finance, one of the leading causes of demise of Micro, Small, and Medium Enterprises (MSMEs) is lack of managerial skills on the part of entrepreneurs. Stating this in Abuja while addressing participants at second DBN capacity workshop for 125 entrepreneurs and business owners, Managing Director/Chief Executive Officer, Development Bank of Nigeria (DBN), Mr. Tony Okpanachi, harped on constant training and capacity building for business owners.

On the importance of capacity building training for entrepreneurs, Okpanachi said: “While funding is a major problem for MSMEs in Nigeria, there’s also the need to equip our entrepreneurs with critical management skills required to ensure they are better structured and able to effectively manage their respective businesses.”

He said DBN tends to view problems militating against SMEs from a holistic perspective. “As a development financial institution established to bridge the financial gap through our participating financial institutions, our strategic focus is providing liquidity, credit guarantee, and capacity building for MSMEs to be more productive. “The capacity building initiative is an integral part of the bank’s mandate to drive economic growth by empowering MSMEs with the skills required to improve their capacity and productivity.

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