Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), has emphasized the critical role of Small and Medium Enterprises (SMEs) in the Nigerian economy. Speaking at the launch of the D-8 SME Center in Abuja, Odii stated that SMEs account for a remarkable 96% of all businesses in Nigeria, contributing a significant 48% to the nation’s Gross Domestic Product (GDP) and providing employment for 84% of the country’s workforce.
Odii highlighted that harnessing the full potential of SMEs is essential for realizing the economic aspirations of D-8 member states. He further emphasized that empowering SMEs directly contributes to several Sustainable Development Goals (SDGs), particularly those related to poverty alleviation, decent work, gender equality, and industry innovation.
The decision to locate the D-8 SME Center in Nigeria, according to Odii, is a recognition of the country’s vibrant entrepreneurial spirit and its growing leadership in championing the cause of SMEs across the Global South. He noted that this aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes enterprise, job creation, and regional cooperation.
Odii pointed out that SMEs in countries like Bangladesh, Egypt, Malaysia, and Nigeria face similar challenges, including limited access to finance, infrastructural gaps, regulatory constraints, and the need to compete in a rapidly evolving digital economy. He emphasized that the D-8 SME Center will serve as a strategic platform for sharing solutions, harmonizing standards, opening up markets, and leveraging collective strength to address these common challenges.
