Nigeria’s small businesses are getting a major boost! The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is making waves, announcing over N11 billion in financing support secured for small businesses in just two years. That’s not all – the agency also reports facilitating more than 100,000 jobs under President Bola Tinubu’s ambitious Renewed Hope Agenda.
SMEDAN’s Director-General, Charles Odii, revealed these impressive figures in a recent interview, emphasizing the agency’s deliberate strategy to expand access to finance, essential tools, and comprehensive training for small businesses across the nation. This targeted approach directly aligns with Nigeria’s national goals of fostering inclusive economic growth and generating much-needed jobs.
“In just two years under President Tinubu, we have made real, measurable progress at SMEDAN,” Odii stated. “We have mobilised over N11 billion to make financing more affordable for small businesses and helped create more than 100,000 new jobs across the country.”
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But SMEDAN isn’t just about the money. The agency, through strategic partnerships with the National Assembly, has been actively empowering entrepreneurs with the tools and equipment they need to boost productivity in various sectors. This includes restoring operations at key Industrial Development Centers (IDCs) in Abuja, Osun, and Katsina States. These revitalized IDCs now provide small businesses with access to modern machinery, a reliable power supply, and crucial enterprise support – a triple win for local production!
SMEDAN is also collaborating with heavy hitters on the international stage, including the United Nations Development Programme (UNDP), GIZ, and Google. These partnerships are focused on enhancing the digital and technical capabilities of Nigerian entrepreneurs, opening up exciting new pathways to both local and international markets.
Recognizing the importance of formalization, SMEDAN has forged strong partnerships with key regulatory agencies like the Corporate Affairs Commission (CAC), NAFDAC, SON, and FIRS. “Through these partnerships, we are helping small businesses to register, comply, and grow in a more supportive environment,” Odii explained.
The agency is also heavily invested in the next generation of entrepreneurs. SMEDAN is working closely with the National Youth Service Corps (NYSC) and other institutions to empower young Nigerians to transform their innovative ideas into thriving enterprises.
Odii proudly highlighted the success of the SMEDAN Garment and Textile Hub at the Idu Industrial Development Centre in Abuja, calling it a shining example of inclusive industrial development. This solar-powered hub, made possible through a partnership with the UNDP, provides fashion entrepreneurs with access to affordable industrial machines and a stable power supply, significantly boosting productivity and creating new job opportunities.
SMEDAN remains firmly committed to its “GROW Nigerian” strategy, a framework designed to boost job creation and revenue generation in the MSME sector by focusing on Guidance, Resources, Opportunities, and Workforce support for SMEs.
The SMEDAN boss reaffirmed the agency’s unwavering commitment to further deepening SME development, recognizing its critical role as a driver of economic transformation and national prosperity. With SMEDAN at the helm, the future looks bright for Nigeria’s small businesses!
