Small business owners represented by the Association of Small Business Owners of Nigeria (ASBON) are expressing disappointment in not benefitting from the reported N786 billion loan disbursement by the Development Bank of Nigeria (DBN) to Micro, Small and Medium Enterprises (MSMEs) nationwide.
ASBON President, Dr. Femi Egbesola, stated in an interview with Vanguard that none of their members have accessed the funds from DBN, despite the Managing Director, Mr. Tony Okpanachi, announcing the disbursement of loans to almost 495,000 MSMEs, resulting in the creation of 1.2 million jobs.
While acknowledging government initiatives to support MSMEs, Egbesola emphasized the importance of a partnership between DBN and Business Membership Organizations (BMOs) to ensure accurate representation and real impact in the MSMEs sector.
ASBON is hopeful that their members will soon benefit from the loans and urged for a collaborative effort between stakeholders to validate claims and support small business owners effectively.
Overall, the need for transparency and direct involvement of MSMEs in loan disbursement processes is crucial for the growth and success of small businesses in Nigeria.
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