Development Bank Launches Nigeria’s First-Ever MSME Data Asset
Development Bank of Nigeria Plc (DBN) is proud to announce the launch of Nigeria’s first-ever curated MSME Data Asset, a ground-breaking innovation designed to boost capacity and stimulate the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country.
The web-based platform analyses MSME data, providing insights into their contributions to employment, Gross Domestic Product (GDP), and sectoral growth, while identifying funding gaps and measuring progress towards bridging them.“This Data Asset is a game-changer for MSMEs in Nigeria,” said Dr. Tony Okpanachi, Managing Director/CEO of DBN.
“By providing a unified system for smart analytics, we are empowering policymakers, financial institutions, and other stakeholders with the data-driven insights they need to make informed decisions and drive growth in the MSME sector.”The MSME Data Asset integrates data from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and DBN’s Data Warehouse, eliminating data silos and ensuring a single source of truth for MSME related intelligence.
Dr. Okpanachi added: “The launch of this Data Asset is a significant milestone in our long-term commitment to supporting MSMEs and promote economic growth in Nigeria,” affirming, “We believe that this innovation will have a lasting impact on the MSME sector, enabling them to access funding, grow and scale their businesses, and deepen market access, thereby strengthening the capacity of the MSME sector as a critical enabler and significant contributor to Nigeria’s GDP growth.”The key features of the MSME Data Asset include: Data Integration & Centralisation, Enhanced Accessibility & Reporting, Improved Decision-Making, and Automated Workflows & Efficiency Gains.
Data integration and centralisation provide a unified repository that automates data collection from third-party platforms, while through accessibility and reporting, internal and external stakeholders can query data, generate reports, and visualise key indicators through interactive dashboards. As business intelligence tools that provide actionable insights to guide strategic policies and funding interventions, the MSME Data Asset improves decision-making process, while automated workflows and efficiency gains result in reduction in manual data processing time, enabling analysts to focus on generating meaningful insights.
The new MSME Data Asset also ensures regulatory compliance and data governance. “The establishment of a robust data governance framework and policy ensures data integrity, security, and compliance with national and international standards,’’ affirmed Dr. Okpanachi. Dr. Okpanachi concluded that the launch of the MSME Data Asset marked a significant step towards promoting transparency, accountability, and data-driven decision-making in MSME financing and development initiatives in Nigeria.
The Development Bank of Nigeria Plc (DBN) is a development finance institution established to provide financial solutions to MSMEs and other priority sectors in Nigeria. DBN’s mission is to promote economic growth and development by providing access to finance, capacity building, and other support services to MSMEs.
