The Development Bank of Nigeria Plc has advised micro, small and medium enterprises in the country to reinvent their current business models to enable them to leverage growth opportunities for their businesses in the post COVID-19 era.
A statement from the bank said this was necessary because of prevalent economic realities of COVID-19 on businesses across the globe.
It stated that this was disclosed during the panelists’ discussion at the DBN webinar session which took place on Saturday with the theme, “Alternative financing options for sustainable growth post COVID-19 lockdown.”
The bank stated that the webinar was aimed at providing capacity building and advisory services for MSMEs through digital platforms, to ensure they were empowered to remain in business through this unprecedented period.
The session was moderated by Chief Economist, Development Bank of Nigeria, Prof. Joseph Nnanna.
While dissecting the current implications of the pandemic on the Nigerian economy, the panelists pointed out that MSMEs were the hardest hit by the crisis.